Intermediate Accounting 7 Inventories Perpetual Inventory Systems Cost of Goods sold is determined and inventory is adjusted to proper balance each time inventory is purchased or sold All purchases of inventoriable goods are recorded in the Inventory accountPerpetual Inventory Systems Intermediate Accounting 7 Inventories ➢ Cost of Goods Sold is determined and Inventory is adjusted to proper balance each time inventory is purchased or sold. ➢ All purchases of inventoriable goods are recorded in the Inventory account