Graham Company is trying to select an inventory system. Below are several statements that pertain to inventory systems$\mathrm{.}1.$ Cost of goods sold is only determined at the end of the period after a physical count of inventory$\mathrm{.}2.$ A physical count of inventory is performed$\mathrm{.}3.$ Purchases of inventory are recorded in a purchases account$\mathrm{.}4.$ Cost of goods sold is determined continually during the period as sales are made$\mathrm{.}5.$ Greater control over inventory is possible$\mathrm{.}6.$ This inventory system is relatively inexpensive to operate.Required:Select the inventory system, perpetual or periodic, that is best represented by each statement. If the statement applies to both systems, select "both."