Indicate the correct option in the following statements:

a With a perpetual inventory system, the business updates its inventory records following a sale.
True/False b With a periodic inventory system, the business updates its inventory records following a sale.
True/False c Which inventory system counts and values the inventory at the end of the accounting year?
Periodic/Perpetual/Both periodic and perpetual d Which inventory system usually checks the inventory records by carrying out partial stocktakes during the year?
Periodic/Perpetual/Both/Neither e Periodic inventory systems use a cost of sales account. True/False f Perpetual inventory systems use an inventory variance account to allocate the differences in value from physical counts compared with the inventory records.
True/False g The answer to the question of whether to use a periodic or perpetual inventory system should be assisted by a cost and benefit analysis.
True/False h The periodic inventory system counts the inventory only at the end of the accounting period.
True/False i The inventory variance balance, provided it is not a material amount, is usually closed out to the sales account.
True/False j The perpetual inventory system allocates purchases of inventory to the purchases account.
True/False