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Dave's Diamonds R Us uses a periodic inventory system. The comp diamonds available for sale this year:one was purchased on Jun purchased On December 24, it sold one of the diamond identification method, its ending inventory (after th any had five sHU CI e 1 for $850, two were July 9 for $900 each, and two were purchased on September 23 for $950 each s that was purchased on July 9. Using the specific on e December 24 sale) equals: a. $2,650. b. $3,650. c. $3,700. d. $900. 30. A perpetual inventory system will always give updated balances for a. Inventory and Cost of Goods Sold. b. Inventory and Sales Revenue. c. Goods Available for Sale and Sales Revenue. d. Accounts Receivable and Inventory. 31. Under the periodic inventory system: a. Inventory records are updated immediately after each purchase. b. Inventory must be counted at the end of each accounting period. c. Inventory does not have to be counted. (It can be taken from the accounting records.) d. Inventory levels must be counted every day. 32. Sales Returns & Allowances is aaccount and iswhen goods are returned by customers for a refund. a. contra-asset; debited b. contra-revenue; credited c. contra-revenue; debited d. contra-asset; credited