In a periodic inventory system Multiple Choice None of these The inventory value is not based on a physical count The company records the cost of new merchandise in the permanent Purchases account A continuous record of the amount of inventory on hand is maintained O EN None of these o The inventory value is not based on a physical count o The company records the cost of new merchandise in the permanent Purchases account A continuous record of the amount of inventory on hand is maintained The cost of merchandise on hand is determined by relating the quantities on hand to records showing each item's original COST