1. Explain the perpetual system of inventory as opposed to the periodic system. 2. Explain the fifo method versus the lifo method. Be specific. 3. In your own words, what is cost of goods sold? 4. How would you record inventory bought on account? (basic transaction) 5. How would you record sales bought on account? (basic transaction) 6. What type of produce uses "specific unit cost"? 7. How would you "safeguard" inventory (list 4)? 8. How does ending inventory value affect the income statement and balance sheet? 9. What type of account is merchandise inventory