Genius Tech Enterprise is a sole proprietorship business which buys and sells scientific calculators to secondary schools and university students. The business has been using the periodic inventory system to record the movement of its inventory in the previous years. Encik Azreil, the accountant of the business, proposes to record the movement of the inventory using the perpetual inventory system. Required: Identify whether the business is using a perpetual or periodic inventory system under each of the following situations: 1. A method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems. 2. An inventory system that requires the management to stop doing business and physically count the inventory before posting any accounting entries. 3. Businesses that sell large Ringgit items, such as car dealerships and jewellery stores use this method of recording inventory. 4. An inventory system that provides a highly detailed view of changes in inventory with immediate reporting of the amount of inventory in stock, and accurately reflects the level of goods on hand. 5. Financial statements are prepared at the end of an accounting period