In a perpetual inventory system:

Name: In a perpetual inventory system:
Brand: Quizplus
Rating: 4.8 (40 reviews)

Question

Quizplus · Accepted Answer

In a perpetual inventory system, Merchandise Inventory is debited every time inventory is purchased and Cost of Goods Sold is debited every time inventory is sold. Additionally, a physical inventory may be taken at least annually to reconcile any discrepancies between physical and recorded inventory. Therefore, all of the above take place in a perpetual inventory system.

In a Perpetual Inventory System