4 The inventory system used to describe the updating of the inventory account only at the end of the period is called the A) Periodic Inventory System. B) Partial Inventory System. C) Perpetual Inventory System. D) Piece-Meal Inventory System. 5 Under a perpetual inventory system, when a company sells inventory, the journal entry will debit A) Merchandise inventory. B) Cost of goods sold. C) Purchases. D) Sales