Below is a list of inventory systems options.
a. Perpetual inventory system
b. Periodic inventory system
c. Both perpetual and periodic inventory systems
Required:
Match each option with one of the following:
1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period.
2. Cost of goods sold is determined as each sale is made.
3. Inventory purchases are recorded in an inventory account.
4. Inventory purchases are recorded in a purchases account.
5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale.
6. Both revenue and cost of goods sold are recorded during the period as sales are made.
7. The inventory is verified by a physical count.