Question: The primary difference between a periodic and a perpetual inventory system is that a periodic system keeps a detailed record showing the inventory on hand

The primary difference between a periodic and a perpetual inventory system is that a periodic system

  1. keeps a detailed record showing the inventory on hand at all times.

  2. provides better control over inventories.

  3. records the cost of goods sold on the date the sale is made.

  4. determines the cost of goods sold at the end of the accounting period.

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