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.
To record the sale of goods for cash in a perpetual inventory system. two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.