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) I $ 6200 351 000 19 300 14 200 Finance expenses Purchases Inventory, 1 July 2019 Inventory, 30 June 2020 Freight inwards Selling and distribution expenses Administrative expenses Sales 4500 62 160 14 250 502 000 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)