7-4 B Record the transactions using the perpetual inventory system.

Sale of inventory Our Stuff managers also want you to provide information about the sale of inventory. They are asking you to record the following events. Complete parts a, b, and c. June 7 Sold inventory that had cost us SHOO for $1.000 on account to Smith. Freight to get the merchandise to our customer was paid by the customer. June 13 Accepted a return of merchandise from the June 7 sale to Smith that was the wrong side for the customer. We had sold the merchandise for $300; our cost was $240. June 20 Shipped merchandise that had cost us $940 to Jones. New Stuff billed the customer S1,175 on the sale and paid $25 in freight to get the merchandise to the customer June 30 Received a check for the Smith June 7 sale. Record the transactions above using the periodic inventory system. Periodic Inventory Entries: OC 300 (4/7 AIR Smith Sales Revenue 13 leburns A/R Sith (6/20 AIR Jones Sales Reven 4/20 Freight in 1/75 25 - Cash ka130 Cash 7oo 181 Record the transactions using the perpetual inventory system. Perpetual Inventory Entries: c. What information can you get from the periodic system that you cannot get from the perpetual system? What information can you get from the perpetual system that you cannot get from the periodic system