Name 4 Page A201 HMWK Chapter 6 Spiceland Problema Bingerton Industries uses a perpetual inventory system. Th Purchases of merchandise on account during the year tota ustries uses a perpetual inventory system. The company began the year with inventory of $75,000 I merchandise on account during the year totaled $300,000. Merchandise costing $325,000 was sold on account for $500,000. Required: Record transactions for the purchase and sale of inventory Problem 4b Refer to the information in Problem 4a, but now assume that Bingerton uses a periodic inventory system. Required: 1. Record transactions for the purchase and sale of inventory 2. Record the period-end adjustment to inventory. 3. Compare the ending balances of inventory and cost of goods sold under both