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 a. Provides managers with information on inventory levels at the end of each period only b. Gives managers immediate access to detailed up-to-date information on inventory c. Records an accounting entry each time inventory is sold. d. The merchandise inventory balance remains unchanged during the period e. Does not require the use of a "purchases" account