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.
Purchases account is updated continuously, however, Inventory account is updated on a periodic basis, at the end of each accounting period (e.g., monthly, quarterly) Inventory subsidiary ledger is not updated after each purchase or sale of inventory. Inventory quantities are not updated continuously.