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