There are some differences between Periodic Inventory System and Perpetual Inventory System, but also similarity. Please match the following characteristic to these two inventory systems. Receiving of inventory is journalized to proper accounts each time when it happens. Inventory shipped to customer is journalized each time when it happens. Requires physical inventory count. v Could apply FIFO method under this system, Could apply LIFO method under this system Could apply Weighted Average method under this A. Perpetual system B. Periodic Inventory account is only updated at the end of C. Both periodic and perpetual month, or end of year. Has Purchases account as a supporting account Inventory would be adjusted base on the Purchases accounts at the end of month, or end of year. And Purchases account would be closed during this process Inventory would be adjusted only if the ending book value of inventory is different from physical inventory count