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 Normally used for relatively inexpensive goods. Requires a physical count of inventory to determine the quantities on hand. 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. Statement Inventory System Normally used for relatively inexpensive goods. Periodic Requires a physical count of inventory to determine the quantities on hand. Periodic 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