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.
The main difference between the two systems is how often inventory data is updated. THE PERIODIC METHOD. The periodic inventory method is one in which inventory data is updated after a specific interval of time, usually a year. This is where the term periodic comes from. Data is entered into the inventory systems after a specific period of time. The periodic inventory system is most useful for smaller businesses that maintain minimal amounts of inventory.