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 Keeps a running computerized record of merchandise inventory. Uses bar codes to keep up-to-the-minute records of inventory. Achieves better control over merchandise inventory. Requires a physical count of inventory to determine the quantities on hand. Normally used for relatively inexpensive goods. Statement Inventory System Keeps a running computerized record of merchandise inventory. Perpetual Uses bar codes to keep up-to-the-minute records of inventory. Perpetual Achieves better control over merchandise inventory. Perpetual Requires a physical count of inventory to determine the quantities on hand. Periodic Normally used for relatively inexpensive goods. Periodic