A periodic inventory system Select one: A. Records the cost of new merchandise purchased in a temporary account B. Requires updating the inventory account every month c. Does not require a physical count of inventory D. Records the cost of new merchandise purchased in a permanent account O E. All of the above Generally accepted accounting principles require that the inventory of a company be reported at: of Select one O A. Net realizable value B. Historical cost C. Replacement cost D. Lower of cost and net realizable value E Purchase price