In order to ensure that the inventory values presented on the statement of financial position at year end reflect the true economic benefits of the inventory, the company may need to O have an inventory fire sale. O use a perpetual inventory system. O use a JIT system. O prepare an inventory writedown. A company had the following inventory activity during June: Units Unit Cost Total Cost Beginning inventory 450 $9.50 $4,275 Purchases: June 5 1,500 10 15,000 June 13 900 10.25 9,225 Sales: June 8 1,100 June 24 600 If the company is using a weighted average cost formula and a periodic system, what is the ending inventory closest to? O $11,925 O $11,415 O $11,500 O $11,585 Physical inventory counts are only necessary for periodic systems. O only necessary for perpetual systems. necessary for periodic and perpetual systems as part of internal control. O not necessary at all if a company has an appropriate accounting system