Indicate whether each of the following statements is true or false.(Assume a perpetual inventory system)
_____ a)The purchase of merchandise inventory 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 allotted 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)The purchase of merchandise inventory 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 allotted 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.(Assume