True or False
Methods under a Perpetual Inventory System
Questions and Answers
Using fifo, costs are included in the merchandise sold in the order in
which they were incurred
Using lifo, the cost of units sold is the cost of the most recent
The merchandise inventory account at the beginningof an accounting
period indicates the merchandise in stock on that date. Purchases are
recorded by debiting Cash or Accounts Payable and crediting Merchandise
No entry is made at the time of a sale to the Cost of Goods Sold Account
or the Inventory Account when the Perpetual Inventory Method is used.
Average cost method is rarely used in a perpetual inventory system
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