Which Statement About A Perpetual Inventory System Is True

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In the perpetual inventory system, if a company pays the net amount due, this entry: Decreases the accounts payable account and decreases the cash account. Under the perpetual inventory. Question 5 select the true statement about perpetual inventory systems.

A physical count of the inventory on august 31 reveals that there are 500 units on hand. Using the fifo inventory method in a perpetual inventory system, how much is the value of the ending. Inventory is defined as consisting of the following resources. The primary difference between a periodic and perpetual inventory system is that a periodic system a. Keeps a record showing the inventory on hand at all time. b. (a) the increased use of computerised systems has increased the use of the perpetual system. (b) cost of sales is determined only at the end. Which statement is true in a perpetual inventory system? Lifo cost of goods sold will be the same as in a periodic inventory system.