QS 5-16A Contrasting periodic and perpetual systems LO P5 Identify whether each description best applies to a periodic or a perpetual inventory system, Inventory system Description Gives managers immediate access to detailed up-to-date information on inventory Records an accounting entry each time inventory is sold The merchandise Inventory balance remains unchanged during the period. d Does not require the use of a purchases account Gives managers information to strategically react to sales trends as they occur