You have decided to open up a small convenience store in your hometown. As part of the initial set-up process, you need to determine whether to use a perpetual inventory system or a periodic inventory system. Consider the perpetual and periodic inventory systems. Consider the benefits and challenges of each system as it relates to your industry and to your business size. Consider at least one example transaction using the perpetual and periodic inventory systems (a purchase transaction, for example). Consider the impact each system has on your financial statements. Which system would be the best fit for your business? Support your decision with research.