Select all that apply Which of the following statements are correct regarding a perpetual inventory system? (Check all that apply.) The Purchase Returns and Allowances account is used during the period. Cost of goods sold is computed at the end of the period. The Merchandise Inventory account is updated every time a sale is made. The Purchases account is used during the period. The Purchase Discounts account is used during the period. The balance in the Merchandise Inventory account remains the beginning balance until the end of the period. When a company records a sale, it also records the cost of the goods sold. The Merchandise Inventory account is updated only at the end of the period. Need help? Review these concept resources.