5) Which of the following descriptions best matches the following statements ( 8 marks)? a. The perpetual inventory system b. The periodic inventory system c. Neither the perpetual or the periodic inventory systems d. Both the perpetual and periodic inventory systems 1) Used to reveal inventory shortages such as theft that occur during the period. 2) The Inventory account is increased for each purchase and decreased for each sale. 3) A sale requires one journal entry. 4) A separate account is used for recording purchases. 5) Cost of goods sold cannot be calculated until a physical count is taken. 6) Inventory purchases are recorded at their cost amount (the amount of cash or cash equivalents paid). 7) An inventory purchase requires two journal entries. 8) Cost of goods sold is calculated as a residual amount after an inventory count has been conducted