Data for Beaman's Distributing Company are presented in Question 1 . A physical inventory count shows the company has $11,140 of inventory on hand at June 30,2021. Instructions: (a) Record the transactions assuming Beaman's Distributing Company uses a periodic inventory system. (b) Set up a ledger with T-accounts for Merchandise Inventory, Sales, Sales Returns \& Allowances, Sales Discounts, Purchases, Purchase Returns \& Allowances, Purchase Discounts, Freight In, and Freight Out. Enter beginning balances, and post the transactions. (c) Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2021. (d) Would you expect Beaman's Distributing Company's gross profit to be higher, lower, or the same amount if it uses a periodic inventory system instead of a perpetual inventory system Explain. Data for Beaman's Distributing Company are presented in Question 1 . A physical inventory count shows the company has $11,140 of inventory on hand at June 30,2021. Instructions: (a) Record the transactions assuming Beaman's Distributing Company uses a periodic inventory system. (b) Set up a ledger with T-accounts for Merchandise Inventory, Sales, Sales Returns \& Allowances, Sales Discounts, Purchases, Purchase Returns \& Allowances, Purchase Discounts, Freight In, and Freight Out. Enter beginning balances, and post the transactions. (c) Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2021. (d) Would you expect Beaman's Distributing Company's gross profit to be higher, lower, or the same amount if it uses a periodic inventory system instead of a perpetual inventory system Explain