Key Points to Remember: 1. Inventory systems -- Perpetual vs. Periodic -- You should know the following key facts about each system a. What accounts

Key Points to Remember: 1. Inventory systems -- Perpetual vs. Periodic -- You should know the following key facts about each system a. What accounts are used in the accounting system? B. What is the general process followed during the accounting period to record sales and inventory transactions? C. What is the general process followed during the accounting period to compute or record cost of goods sold? D. What are the overall strengths/weaknesses of the inventory system?