1. In what type of system is inventory constantly tracked after every transaction during the period? a. Dynamic Inventory System b. Perpetual Inventory System c. Periodic Inventory System d. Specific Identification Inventory System 2. If costs of inventory are falling, a inventory system will give you a higher Cost of Goods Sold, and a system will give you a higher ending inventory balance a. FIFO, FIFO b. LIFO, FIFO c. FIFO, LIFO d. LIFO, LIFO