Which of the following statements are true about a perpetual inventory system? (Check all that...
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Accounting
Which of the following statements are true about a perpetual inventory system? Check all that apply. After inventory is sold, its cost is removed from the balance sheet and reported on the income statement as an expense. Until inventory is sold, it is an asset reported at its cost on the balance sheet. Cost of goods sold is recognized as soon as inventory is purchased. 
Which of the following statements are true about a perpetual inventory system? Check all that apply.
After inventory is sold, its cost is removed from the balance sheet and reported on the income statement as an expense.
Until inventory is sold, it is an asset reported at its cost on the balance sheet.
Cost of goods sold is recognized as soon as inventory is purchased.
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You can see the logs in the Dashboard.