Question 1 (1 point) The cost of goods available for sale is calculated as a) beginning inventory plus ending inventory. b) beginning inventory minus ending inventory c) beginning inventory plus the cost of goods acquired during the period. d) cost of goods acquired during the period minus ending inventory. Question 7 (1 point) Which of the following does NOT correctly describe a periodic inventory system? a) Cost of goods sold is calculated every time a sale is made. b) Cost of goods sold is a residual amount. Assuming a FIFO cost flow, cost of goods sold would equal those that calculated by the c) perpetual system d) Inventory and cost of goods sold must be updated at the end of the period