Question 6 Barbell Sports Pty Ltd has adopted a perpetual inventory system. Required: a. Which of the following sequences best describes the keys steps in a perpetual inventory system? (Select the correct answer) i. Purchases recorded on stock card > COGS recorded at time of sale > period end stocktake. ii. Purchases recorded on stock card > Period end stocktake > COGS determined by stocktake. iii. Purchases recorded as an expense > no entry to COGS at time of sale > COGS determined by stocktake. Answer: b. Under the perpetual inventory system, an inventory gain has been detected. The journal to record this gain would be: Debit Account: (enter the account name)_ Credit Account: (enter the account name)