Question 10 (1 point) Match the type of inventory system with the descriptions below 38 is useful in identifying Inventory shrinkage due to theft, waste or other causes. Does not record charges in inventory at the time of each Calculates cost of sales only at the end of the accounting period after Inventory has been counted. The Inventory account is updated at the time of each sale 1. Periodic inventory system 2. Perpetual inventory system Allows for the calculation of cost of sales at the end of the accounting period. Both periodic and perpetual systems Requires two entries at the time of a sale. 4. Neither periodic or perpetual inventory systems Inventory never needs to be counted Records inventory values at their current replacement value A purchase return requires journal entries. Uses a purchases account