The adjusting entry at year end under a perpetual inventory system to record cost of goods sold includes _______.

A.

a debit to cost of goods sold and a credit to inventory for the beginning balance of inventory

B.

a debit to purchases and a credit to cost of goods sold for the beginning balance of purchases

C.

a debit to cost of goods sold and a credit to inventory for the ending balance of inventory

D.

no adjusting entry because it is not required under a perpetual inventory system to adjust the beginning and ending balances