When inventory is purchased for cash then cash is credited and inventory is debited. Select one: True O False The manufactured goods bought and sold is the practice of Select one: : O a. Merchandising companies O b. None of the above c. Service sector companies O d. Manufacturing sector companies Continous recording of an inventory system as they are bought and sold is called Select one: : O a. Both A and B a O b. Inventory shrinkage c. Perpetual inventory system O d. Periodic inventory system Under the periodic inventory system, the Purchases account is used to record Select one: O a. purchases of merchandise inventory for cash or on account b. only purchases of merchandise inventory on account O c. only cash purchases of merchandise inventory O d. purchases of any asset on account or note payable