Question 1 Recommended time to complete: 7 minutes A company uses the periodic method of accounting for inventory and has opening inventory of $3,500. During the month of June it has the following pun 5th - $4,500 13th - $2,300 20th-$5.500. Purchase retums and allowances were $450 and freight-in costs were $810 during the month. At the end of the month closing inventory was $5.400 Required: Show how the cost of sales section would be presented in the Statement of profit or loss. Ignore GST. EdView.Insert Format Tools Table 120 al Paragraph BIU A ooy 23 $ Ev EU TB