Assume Ayayai Corp. uses the periodic inventory system and has a beginning inventory balance of $6900, purchases of $61000, and sales of $108000. Ayayai closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was

equal to $6900.

more than $6900.

less than $6900.

indeterminate.