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Which of statements relating to periodic inventory system

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Reference no: EM133000797

Problem 1: Which of the following statements relating to the periodic inventory system is incorrect?

A.The Inventory account is classified as a non-current asset.

B.A stocktake must be performed to determine the ending inventory balance.

C.The balance in the Inventory account represents the cost of the inventory on hand at the beginning of the period.

D.Inventory purchases are recorded in the Purchases account.

Reference no: EM133000797

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