which of the following does not describe a

perpetual inventory system

Help System Announcements Time: 07:38 PM / Remaining: 17 min. Question 13 Which of the following does NOT correctly describe a perpetual inventory system? Cost of goods sold is calculated every time a sale is made. O Assuming shrinkage of zero, inventory and cost of goods sold do not have to be updated at the end of the period. O The use of this system eliminates the requirement for an annual physical inventory count. Assuming a FIFO cost flow, cost of goods sold would equal that calculated by the periodic system. Questi Help System Announcements Time: 07:38 PM / Remaining: 17 min. Question 13 Which of the following does NOT correctly describe a perpetual inventory system? Cost of goods sold is calculated every time a sale is made. O Assuming shrinkage of zero, inventory and cost of goods sold do not have to be updated at the end of the period. O The use of this system eliminates the requirement for an annual physical inventory count. Assuming a FIFO cost flow, cost of goods sold would equal that calculated by the periodic system. Questi