Which of the following statements about inventory systems is correct? Under the perpetual inventory system, purchase of inventory is recorded in the purchases account. Under the periodic inventory system, inventory is continually updated during an accounting period, Under the perpetual inventory system, a physical inventory count may be done at the end of an accounting period to identify inventory shrinkage. Under the periodic inventory system, purchase of inventory is not recorded in the accounting system at all Under the periodic inventory system, cost of sales is updated after sales are made