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Which of the following statements is correct concerning the operations of a merchandiser who chooses to use a periodic inventory system? a) Inventory reported on

Which of the following statements is correct concerning the operations of a merchandiser who chooses to use a periodic inventory system?

a) Inventory reported on the balance sheet is adjusted based on a physical inventory count.

b) The merchandiser is not concerned about inventory shrinkage.

c) Cost of goods sold is recorded when a sale is made.

d) The merchandiser is only allowed to use FIFO to calculate its ending inventory cost.

e) Merchandise inventory is always up to date.

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