Identify Whether the Following Are Benefits of Using a Perpetual

Essay

Identify whether the following are benefits of using a perpetual inventory system (in comparison to a periodic system).
$$\begin{array} { | l | l | } \hline \text { Potential benefit } & \text { True/False } \\\hline \text { A perpetual system is less costly than a periodic system. } & \\\hline \text { A perpetual system produces information that is more useful for inventory } & \\\text { management. } & \\\hline \begin{array} { l } \text { A perpetual system allows a company to avoid conducting costly inventory } \\\text { counts. }\end{array} & \\\hline \text { A perpetual system is required by IFRS and ASPE. } & \\\hline\end{array}$$