Part I Ripken Company uses a perpetual inventory system and reported the following transactions involving inventory during the month of April 2019: April 1 Beginning inventory 4 Purchases 30 Sales 70 units 30 units 90 units @ $150 @ $160 @ $200 d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675,400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. Part II Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000. What is the balance that would appear in Venus Company's inventory account on February 1 assuming use of a periodic inventory system? Explain