Which of the following is not an advantage of the perpetual inventory system over the periodic inventory system? 8. Inventory losses can be identified and controlled better under a perpetual system. The inventory account balance can be easily determined for interim financial statements under the perpetual system. The perpetual system is suitable for businesses with a relatively small volume of high unit price merchandise The perpetual system eliminates the need for an annual inventory count. A. B. C. D. Subsequent to the development of their 2018 financial statements, Blue Company discovered the 9. following errors (1) Ending inventory for 2017 was overstated by $5,000 (2) Ending inventory for 2018 was understated by$7,000 As a result of the 2 errors, net income for 2018 would be: A. B. C. D. E. Understated by $7,000 Understated by $2,000 Overstated by $2,000 Overstated by $7,000 Understated by $12,000 10. At year-end, for companies using the periodic inventory system, the cost of goods available for sale is allocated between: A. Beginning inventory and ending inventory B. Beginning inventory and cost of goods sold C. Ending inventory and cost of goods sold D. Ending inventory and cost of goods purchased E. Beginning inventory and cost of goods purchase 15c, 18c