Kingston Corp., a manufacturing company, uses the perpetual inventory method for all inventory accounts. Direct materials, direct labor, and applied overhead are recorded on cost sheets similar to FaxaVision's. At the end of each month, general journal entries are made to update the general ledger manufacturing accounts. Overapplied or Underapplied Overhead is closed to Income Summary and reported on the income statement as an adjustment to the cost of goods sold. A new accountant suggests that the company could save considerable time if a number of accounting changes are made: (1) use the periodic inventory method, (2) drop the use of applied overhead, and (3) close all manufacturing accounts to Income Summary similar to the procedure used by merchandising businesses. The accountant indicates that these new procedures would provide adequate information to prepare the income statement with a substantial time and cost saving. Should the changes in accounting procedures be made? Will the changes provide adequate information? How will the changes affect the information now provided?