Project Description: For this section of the portfolio, you will explain how to take a business's inventory. Refer back to chapter 5 of your textbook. Make sure to cover the following areas: 1. In your own words, explain the difference between the inventory of a merchandising and manufacturing company and the reasons for it. 2. In your words, describe the types of inventory (i.e., raw materials, etc.) the fictional company (from your Portfolio 1 \& 2) has. 3. Which inventory method, periodic or perpetual, do you recommend for your company? Explain why you've chosen it. In your own words, also explain the pros and cons of each type when explaining your choice. 4. Once you've chosen your preferred inventory system, prepare 5 original example journal entries for it. If you have chosen a perpetual system, refer to Chapter 4 pp. 155-165 in your textbook as a guide. If you have decided to apply a periodic system, refer to Chapter 4 pp. 172-175 (Appendix 4A ) as a guide