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When a company uses the periodic inventory system in accounting for its merchandise inventory, which of the following is true? The inventory account is updated
When a company uses the periodic inventory system in accounting for its merchandise inventory, which of the following is true?
The inventory account is updated after each sale.
Cost of goods sold is computed at the end of the accounting period rather than at each sale
The inventory account is updated throughout the year as purchases are made
Purchases are recorded in the cost of goods sold account.
None of the others alternatives are correct
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