Assume Pharoah Company uses the periodic inventory system and has a beginning inventory balance of $6300, purchases of $80000, and sales of $144000. Pharoah 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 $6300.

more than $6300.

less than $6300.