Please answer all questions with explanations. Thank you! 2 points QUESTION 29 1. The Cost of Goods Sold account is closed by: Debiting Cost of Goods Sold and crediting Retained Earnings. Debiting Cost of Goods Sold and crediting Income Summary. Debiting Retained Earnings and crediting Cost of Goods Sold. Debiting Income Summary and crediting Cost of Goods Sold. 2 points QUESTION 30 1. In a periodic inventory system, which of the following accounts may be closed by debiting Cost of Goods Sold? Purchases and Inventory (ending). C Inventory (beginning) and Purchases. Sales, Inventory (beginning), and Cost of Goods Available for Sale. C Sales, Inventory (beginning), and Gross Profit. 2 points QUESTION 31 1. In a periodic inventory system, the cost of goods sold is: C Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Determined by subtracting the balance in the Gross Profit account from the amount of net sales. Recorded as sales transactions occur. 2 points QUESTION 32 1. Which of the following would not tend to make a manufacturer choose a perpetual inventory system? Management wants information about quantities of specific products. C Items in inventory with high per unit costs. A low volume of sales transactions and a computerized accounting system. A high volume of sales transactions and a manual accounting system