Indicate whether each of the following statements is true or false. (Assume a perpetual inventory system)________ a)Purchasing merchandise inventory for cash is recorded as an expense.________ b)Merchandise inventory is expensed in the period it is sold.________ c)Merchandise inventory is an account appearing on the balance sheet.________ d)Cost of goods available for sale is allocated between cost of goods sold and selling expenses.________ e)Cost of goods sold is a part of administrative and selling expenses.

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The Answer of Indicate whether each of the following statements is true or false. (Assume a perpetual inventory system)________ a)Purchasing merchandise inventory for cash is recorded as an expense.________ b)Merchandise inventory is expensed in the period it is sold.________ c)Merchandise inventory is an account appearing on the balance sheet.________ d)Cost of goods available for sale is allocated between cost of goods sold and selling expenses.________ e)Cost of goods sold is a part of administrative and selling expenses.

Indicate Whether Each of the Following Statements Is True or False