Question: Identify whether each description best applies to a periodic or a perpetual inventory system. Inventory system Description a. Returns immediately affect the account balance of

 Identify whether each description best applies to a periodic or a

Identify whether each description best applies to a periodic or a perpetual inventory system. Inventory system Description a. Returns immediately affect the account balance of merchandise inventory. b. When a company sells merchandise, it records revenue but not the cost of the goods sold for each transaction c. Provides more timely information to managers. d. Gives managers immediate access to detailed information on inventory. e. Does not require an adjusting entry to record inventory shrinkage

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