Which of the following statements is correct regarding either the perpetual or periodic inventory systems? Multiple Choice In a periodic inventory system, cost of goods sold is developed only from a comparison of beginning inventory and ending inventory. In a periodic inventory system, the inventory account is increased for each purchase during the accounting period In a perpetual inventory system, cost of goods sold is recorded at the time of each sale during the accounting period. In a perpetual inventory system, the Inventory account is not changed for each purchase during the accounting period