Chapter 5 Assignment! X https:/ewconnect. meducation.com/flow/corned.ml signment Homework i Help Save & E Required information 430 0 0 10:38 Knowledge Check 01 If a perpetual inventory system is in use O a physical inventory count is not required because the Inventory account is updated for each purchase and sale O a physical inventory count is not required because the Inventory account is updated every time a transaction or event occ O a physical inventory count should be taken at least annually O a physical inventory count is required because the Inventory account is not updated when inventory is purchased or sold. -arch