Question 5 Which of the following is NOT true of a perpetual inventory system? a....
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Question 5 Which of the following is NOT true of a perpetual inventory system? a. The inventory balance is continuously updated for both purchases and sales. b.COGS is recorded as an adjusting entry at the end of the period. C. The firm can use either the FIFO or the LIFO inventory cost method with a perpetual inventory system. d. COGS is computed and recorded every time the firm sells products from inventory
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