1) Describe the difference between the periodic and perpetual inventory accounting systems. 2) What does the acronym FOB stand for? Describe the differences between FOB shipping point (or FOB factory) and FOB destination. 3) What is inventory shrinkage? How do managers account for shrinkage? 4) How do closing entries for a merchandising company that uses the perpetual inventory system differ from the closing entries for a service company? 5) Describe the difference(s) between the periodic and the perpetual inventory accounting! systems. 6) Describe why tracking inventory activities are necessary for a merchandising company. Answer the questions