Arsh, Negin and Jai are completing an inventory analysis. Their company had the following transactions in the month of June. Date June 1 June 5 June 10 June 15 June 20 June 22 June 24 June 25 Event Beginning Inventory Purchase Purchase Sale Sale Purchase Purchase Sale Quantity 1,000 6,000 2,000 3,000 2,000 5,000 2,000 7,000 Cost/Selling Price $3.55 3.10 3.75 6.00 6.00 3.45 3.75 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)