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.
Significance. Choosing between a perpetual and periodic inventory system is an important decision for small business owners, as each type features its own advantages and disadvantages, as well as specific implementation requirements.Both types are best suited to specific situations.ignificance. Choosing between a perpetual and periodic inventory system is an important decision for small business owners, as each type features its own advantages and disadvantages, as well as specific implementation requirements. Both types are best suited to specific situations.