Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Comparing periodic and perpetual inventory systems For each statement

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Comparing periodic and perpetual inventory systems For each statement below, identify whether the statement applies to the periodic inventory system, the perpetual inventory system, or both. Normally used for relatively inexpensive goods. Keeps a running computerized record of merchandise inventory. Achieves better control over merchandise inventory. Requires a physical count of inventory to determine the quantities on hand. Uses bar codes to keep up-to-the-minute records of inventory.

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