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