Periodic inventory system Choose... Perpetual inventory system Choose... Requires one entry when a sales transaction occurs Produces the lowest net income LIFO assumption Produces the highest net income FIFO assumption Accounts receivable minus allowance for doubtful accounts Requires two entries when a sales transaction occurs Pay within 3 days of the invoice date, and get a 5% discount Pay within 5 days of the invoice date, and get a 3% discount Cost minus accumulated depreciation Cost of goods sold is from latest purchases Cost of goods sold is from earliest purchases