Assume Marigold Corp. uses the periodic inventory system and has a beginning inventory balance of $5300, purchases of $71000, and sales of $122000. Marigold 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:

1.equal to $5300. 2.less than $5300. 3.more than $5300. 4.indeterminate.