16:36 11248 W @ 70% 16 Week 7 Test # ** Calibri Regular 11 B 1 U A. A 1. Use the following information from the records of "We-are-One" to prepare an income statement for the year ended 30 June 2020. (8 marks) Finance expenses $ 6 200 Purchases 351 000 Inventory, 1 July 2019 19 300 14 200 Inventory, 30 June 2020 Freight inwards 4 500 Selling and distribution expenses 62 160 Administrative expenses 14 250 Sales 502 000 2. Briefly explain the difference when a business buy inventory, depending on whether a perpetual inventory system or periodic inventory system is used. (2 marks)