Asked by
Shayla Blackmon
on Nov 12, 2024
Verified
When the perpetual inventory system is used, the inventory sold is debited to
A) Supplies Expense
B) Cost of Merchandise Sold
C) Merchandise Inventory
D) Sales
Perpetual Inventory System
An approach to inventory management where updates are made continuously as inventory items are bought and sold.
Cost of Merchandise Sold
The total expense incurred to acquire goods that have been sold during a certain period.
- Comprehend the critical nature of determining the cost of goods sold under the perpetual and periodic systems.
Verified Answer
SM
Learning Objectives
- Comprehend the critical nature of determining the cost of goods sold under the perpetual and periodic systems.
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