1. Using your own explained, numerical, practical examples, differentiate between periodic and perpetual inventory systems. You may apply your examples to the case of Dino's After School.
2. Using your own explained, numerical, practical examples differentiate between LIFO, FIFO, and Weighted Average as forms of inventory valuation.
3. On April 12, 2017 Dino's After School purchased $6,000 in inventory. Sales began to slow-down, so on May 12 they purchased only $2,000 worth of inventory. In June, with the start of summer when more customers are purchasing their inventory, they purchased $9,000 worth of inventory - June 20, 2017. If they had $4,780 of inventory remaining at the end of the first quarter, and sold $17,500 worth of inventory during the second quarter:

• What is the ending inventory for Dino's After School at the end of June, 2017?
• If there was no ending inventory from the first quarter, with the same levels of sales, what would have been the cost of goods sold during the second quarter?