Question: Multiple Select Question Select all that apply Which of the following statements are true about a perpetual inventory system? ( Check all that apply. )

Multiple Select Question
Select all that apply
Which of the following statements are true about a perpetual inventory system? (Check all that apply.)
After inventory is sold, its cost is removed from the balance sheet and reported on the income statement as an expense.
Until inventory is sold, it is an asset reported at its cost on the balance sheet.
Cost of goods sold is recognized as soon as inventory is purchased.
Multiple Select Question Select all that apply Which of the following

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