Answer the following statements true (T) or false (F)
1) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be made.
2) The financial statements under the periodic inventory system and the perpetual inventory system are the same.
3) Cost of goods available for sale represents beginning merchandise inventory plus net purchases less freight in.
4) When using the periodic inventory system, there is no need to record an adjusting entry for inventory shrinkage.
5) When using the periodic inventory system, the process of recording the ending Merchandise Inventory is completed by making an adjusting entry.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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