cheers

1. Use the following information from the records of "We-are-One" to prepare an income statement for the year ended 30 June 2020. Finance expenses 6 200 Purchases 351 000 Inventory, 1 July 2019 19300 Inventory, 30 June 2020 14 200 Freight inwards 4 500 Selling and distribution expenses 62 160 Administrative expenses 14 250 Sales 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)