There is no universally accepted definition of a percentile. Using the 65th percentile as an example, the 65th percentile can be defined as the lowest score that is greater than 65% of the scores. This is the way we defined it above and we will call this Definition 1..
b. The perpetual inventory system updates inventory records at the end of a period. c. The periodic inventory system updates inventory at the end of a period. d. The perpetual inventory system continually updates inventory records. e. Both C and D are true statements.
Posted in: Inventory costing methods. Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold. Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise.osted in: Inventory costing methods. Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold. Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise.