Which of the following statements regarding inventory accounting systems is true?

An advantage of the perpetual inventory system is that the record keeping required to maintain the system is relatively simple.

An advantage of the periodic inventory system is that it provides a continuous record of the inventory balance.

A disadvantage of the perpetual inventory system is that the inventory dollar amounts used for interim reporting purposes are estimated amounts.

A disadvantage of the periodic inventory system is that the cost of goods sold amount used for financial reporting purposes includes both the cost of inventory sold and inventory shortages.