Question $16(1$ point$)$

The Frog & Cheetah Shop is evaluating whether to adopt a periodic or perpetual

inventory system. Which of the following statements is true about these inventory

systems?

A perpetual system determines cost of goods sold only at the end of the

accounting period.

A periodic system requires cost of goods sold be determined after each sale.

Periodic inventory systems require more detailed inventory records.

Perpetual inventory systems require more detailed up$-$to$-$date inventory records.