When a perpetual inventory system is used, unit costs of the items sold are known at the

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When a perpetual inventory system is used, unit costs of the items sold are known at the date of each sale. In contrast, when a periodic inventory system is used, unit costs are known only at the end of the accounting period. Why are these statements correct?

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Financial Accounting

ISBN: 9780073208145

5th Edition

Authors: Robert Libby, Patricia Libby, Daniel Short

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