Question 18 3:33 pts Which statement is true when recording the sale of goods for cash in a perpetual Inventory wystem? Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory Only one journal entry is necessary. It will record the receipt of cash and sales revenue. Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory. It is March 23 and I would like to know the amount of Inventory that the company has on hand. Unfortunately it isn't available because the inventory records are only updated at the end of the month when a physical inventory count is performed and the Inventory balance is updated. That scenario best describes which of these! FIFO Perpetual inventory system Periodic inventory system LIFO