When purchasing inventory on account in a perpetual inventory system, which of the following is TRUE?
A) The journal entry would be exactly the same for all inventory costing methods.
B) LIFO and FIFO inventory valuation methods require a debit to inventory while all others require a debit to purchases.
C) GAAP does not allow inventory to be purchased on account.
D) The average costing method requires a credit to inventory.
A) The journal entry would be exactly the same for all inventory costing methods.
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