Try another version of this question For each statement below, identify whether the statement applies to the periodic inventory system or perpetual inventory system. Statement Inventory System Requires a physical count of inventory to determine the quantities on hand. Uses bar codes to keep up-to-the-minute records of inventory. Keeps a running computerized record of merchandise inventory. Normally used for relatively inexpensive goods. Achieves better control over merchandise inventory. Statement Inventory System Requires a physical count of inventory to determine the quantities on hand. Periodic Uses bar codes to keep up-to-the-minute records of inventory. Perpetual Keeps a running computerized record of merchandise inventory. Perpetual Normally used for relatively inexpensive goods. Periodic Achieves better control over merchandise inventory. Perpetual