Question 20 (1 point) Which statement regarding inventory systems is correct? Under a perpetual inventory system, cost of goods sold is recorded on a monthly basis. Periodic inventory systems require more detailed inventory records. A physical inventory count should be done at least once a year regardless of whether a perpetual or periodic inventory system is being used. Under a perpetual inventory system, increases in inventory resulting from purchases are debited to the Purchase account. Question 21 (1 point) Which of the following statements regarding accounts receivable and bad debts.is