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Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end adjusting entry. Purchase discounts are not recorded. Inventory purchases
Under aperpetualinventory system:
Multiple Choice
- Cost of good sold is recorded with a period-end adjusting entry.
- Purchase discounts are not recorded.
- Inventory purchases are recorded only at the end of the period.
- Cost of goods sold is recorded with each sale.
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
