P6-1. Perpetual and periodic inventory systems (L.O. 6-1) (Easy - 5 minutes) Identify whether the following are benefits of using a perpetual inventory system (in compari- son to a periodic system). True/False Potential benefit A perperual system is less costly than a periodic system. A perpetual system produces information that is more useful for inventory management A perpetual system helps to estimate expected amounts of inventory at year-end A perpetual system allows a company to avoid conducting costly inventory counts A perpetual system is required by IFRS and ASPE. A perpetual system helps determine the amount of shrinkage