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Which of the following is NOT a characteristic of a periodic inventory system? a. Inventory records are not kept for every item. b. Inventory purchases
Which of the following is NOT a characteristic of a periodic inventory system?
a. Inventory records are not kept for every item.
b. Inventory purchases are debited to a Purchases account.
c. Cost of goods sold is determined as the amount of purchases less the change in inventory.
d. Cost of goods sold is recorded with each sale.
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