Question: CHAPTER 8 25. When using a perpetual inventory system, (al no Purchases account is used. b) a Cost of Goods Sold account is used. (c)

CHAPTER 8 25. When using a perpetual inventory system, (al no Purchases account is used. b) a Cost of Goods Sold account is used. (c) two entries are required to record a sale. (d All of these answer choices are correct. Use the following to answer question 26: Hudson, Inc. is a calendar-year corporation. contained errors as follows: Its financial statements for the years 2018 and 2017 2018 2017 Ending inventory Depreciation expense $9,000 overstated $6,000 understated $24,000 overstated $18,000 overstated

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