On Eli Corp's June bank reconciliation, cheques outstanding totaled $5,400. In July, the corporation issued cheques totaling $38,900. The July bank statement shows that $26,300 in cheques cleared the bank in July. A cheque from one of Eli Corp's customers in the amount of $300 was also returned marked "NSE." The amount of outstanding cheques on Eli's July bank reconciliation should be $12,600. $7,200. $17,700. $18,000. Match the type of inventory system with the descriptions below. Records inventory values at their current replacement value. Uses a purchases account The inventory account is updated at the time of each sale. 1. Periodic inventory system