Which of the following statements about a perpetual inventory system is true? Select one: a. Companies under perpetual system continuously maintain detailed records of the cost of each inventory purchase and sale b. Companies under perpetual system determine cost of goods sold only at the end of the accounting period. c. The increased use of computerized systems has not increased the use of the perpetual system d. The perpetual system does not provide better control over inventories than a periodic system If only ending inventory is understated by $10,000, the effect of this error in the current period is Select one: a. Equity would be understated b. Net income would be overstated c. Assets would be overstated d. Equity would be overstated