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Which of the following statements regarding inventory systems is false? Cost of goods sold is calculated at the end of the period only in a

Which of the following statements regarding inventory systems is false?

Cost of goods sold is calculated at the end of the period only in a periodic system.

A periodic system keeps track of detailed purchases and sales.

A periodic inventory system is less costly than a perpetual inventory system.

Accounting records are continually updated in a perpetual inventory system.

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