Match the type of inventory system with the descriptions below. Calculates cost of sales only at the end of the accounting period after inventory has been counted. Inventory never needs to be counted. Does not record changes in inventory at the time of each sale. 1. Periodic inventory system 2. Perpetual inventory system The inventory account is updated at the time of each sale. 3. Both periodic and perpetual systems uuuuuuuu LII LILII LUCI sale. 3. Both periodic and perpetual systems Records inventory values at their current replacement value. 4. Neither periodic or perpetual inventory systems Requires two entries at the time of a sale. Is useful in identifying inventory shrinkage due to theft, waste or other causes. Uses a purchases account