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 ending merchandise inventory.
_____ 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 ending merchandise inventory.
_____ e) Cost of goods sold is a part of administrative and selling expenses.

Indicate Whether Each of the Following Statements Is True or False