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