QUESTION 1 25 point Which of the following is/are TRUE The sum of cost of goods sold and ending inventory may equal or exceed goods available for sale. Purchases explain the difference between goods available for sale and beginning inventory. Ending inventory may exceed cost of goods sold. D. Two of the above are TRUE. E None of the above are TRUE. 25 points QUESTION 2 In a perpetual inventory system, the merchandise inventory account must be closed at the end of the accounting period. True False