Multiple Choice
In a periodic inventory system
A) The company records the cost of new merchandise in the permanent Purchases account
B) The cost of merchandise on hand is determined by relating the quantities on hand to records showing each item's original cost
C) The inventory value is not based on a physical count
D) A continuous record of the amount of inventory on hand is maintained
E) None of these
Correct Answer:
Verified
Correct Answer:
Verified
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