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Statement I: In the case of a periodic inventory system, the business knows the amount of the inventory before the next physical inventory is taken.

Statement I:

In the case of a periodic inventory system, the business knows the amount of the inventory before the next physical inventory is taken.

Statement II:

A perpetual inventory system allows for a periodic update of records on inventory.

Both statements are incorrect
Both statements are correct
Statement 1 is incorrect; statement 2 is correct
Statement 1 is correct; statement 2 is incorrect

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