Please answer it correctly All descriptions reveal the characteristics of a periodic inventory system, excepta) Cots of goods sold is determined at the end of the reporting periodb) Purchases are recorded at costc) Inventory record is always up to dated) Merchandise Inventory account is set up at the beginning and ending of accounting period

Characteristics of a periodic inventory system, except (C) INVENTORY RECORD IS ALWAYS UP TO DATE.

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characteristics of a periodic inventory system, except

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4E: Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the...

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All descriptions reveal the characteristics of a periodic inventory system, except
a) Cots of goods sold is determined at the end of the reporting period
b) Purchases are recorded at cost
c) Inventory record is always up to date
d) Merchandise Inventory account is set up at the beginning and ending of accounting period

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