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.
a. Companies using a periodic inventory system determine cost of goods sold only at the end of the accounting period. b. Companies using a periodic inventory system continuously update detailed records of the cost of each inventory purchase and sale. c. The availability of computerized accounting systems has made it much more difficult for companies to use a perpetual inventory system.