Make sure your response addressing the following questions is more than 265 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
How are periodic and perpetual inventory systems different?
Why does a merchandising company prepare a cost of goods section for the income statement?
Provide an example of a perpetual cost of goods section.
Explain the four merchandise inventory methods and provide an example for each.
How are financial statements affected by using the four different methods?