Identify the correct statement regarding the two different methods for determining inventory quantities.

Multiple choice question.

Under the periodic inventory system, the physical amount of inventory should correspond to the unit balance in the Inventory account.

Using the perpetual inventory system, purchases are debited to the inventory account.

A periodic inventory system keeps a running record of the amount of inventory on hand.

Using the perpetual inventory system, at any time during the year, the amount in the Inventory account represents the beginning amount of inventory.