Question: Which one is correct? Periodic inventory system is more time-consuming compared to perpetual system. By using periodic inventory system, company could determine cost of goods

  1. Which one is correct?
  1. Periodic inventory system is more time-consuming compared to perpetual system.
  2. By using periodic inventory system, company could determine cost of goods sold each time a sale occurs.
  3. Perpetual inventory system requires firm maintains detailed records of the cost of each inventory purchase and sale.
  4. By using perpetual inventory system, company calculates cost of goods sold by count at the end of the accounting period.

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