Question: When a periodic inventory system is used: Multiple Choice Cost of goods sold is a residual amount. Ending inventory is transferred to expense and the

When a periodic inventory system is used:
Multiple Choice
Cost of goods sold is a residual amount.
Ending inventory is transferred to expense and the beginning inventory is transferred to assets.
Two entries must be made when goods are purchased.
A purchases account is not used; all inventory purchase entries are debits to the inventory account.

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