Below is a list of 10 statements describing a characteristic of the periodic and/or perpetual system. Some statements relate to only one system, some statements relate to both systems, and some statements relate to neither system. Enter an x in the columns below to indicate the appropriate system: (a statement may require one, two, or no xs). Each correctly answered statement is worth 42 mark. There are no part marks given. Perpetual Inventory System Periodic Inventory System (a) When an item is sold, two concurrent accounting entries are made for different amounts. (b) Cost of goods sold is determined as a residual amount. (c) At the end of the accounting period, two inventory entries usually must be made in the accounts. (d) More effective inventory control (such as of theft) is possible. (e) The balance in the inventory account throughout the accounting period usually is the beginning inventory amount. (1) Each purchase is debited to the inventory account throughout the accounting period. (g) Inventory amounts are determined by actual count. (h) Purchases of merchandise are not debited to the inventory account throughout the period. (1) Inventory amounts are determined from the detailed inventory records. 6) Only one accounting entry is made when an item is sold