Question: Arsh, Negin and Jai are completing an inventory analysis. Their company had the following transactions in the month of June. Arsh, Negin and Jai are

Arsh, Negin and Jai are completing an inventory analysis. Their company had the following transactions in the month of June.

Arsh, Negin and Jai are completing an inventory analysis. Their company had the following transactions in the month of June. Date Event Quantity Cost/Selling Price June 1 Beginning Inventory 1,000 $3.55 June 5 Purchase 6,000 3.10 June 10 Purchase 2,000 3.75 June 15 Sale 3,000 6.00 June 20 Sale 2,000 6.00 June 22 Purchase 5,000 3.45 June 24 Purchase 2,000 3.75 June 25 Sale 7,000 6.00 They need your help in calculating balances. Please calculate the ending inventory balance for their company, assuming that the company uses a periodic inventory system and the weighted average cost formula.

If you had to prepare journal entries, how would the journal entries be different under the periodic vs the perpetual inventory system (please do not prepare the journal entries, but explain the difference between the two inventory systems by thinking about these entries)?

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