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Answer true or false to the following statements: 1. The Cost of Goods Sold account...

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Accounting

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Answer true or false to the following statements: 1. The Cost of Goods Sold account is used in the periodic inventory system. 2. Freight costs in the perpetual inventory system result in a credit to Merchandise Inventory 3. Merchandise Inventory being returned in the perpetual system results in a credit to Merchandise Inventory to the seller. 4. When marchandise is sold in the perpetual inventory system, Cost of Goods Sold is not used 5. In the perpetual inventory system, sales returns and allowances may result in Accounts Receivable being reduced by the seller

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