QUESTION - Accounting for Inventory Mobile Planet is a shop which sells mobile phones. One of the products, a budget phone costs $150 each to buy from a supplier in Brisbane. The phones sell for $330 each. At the beginning of June, the business had an opening balance of 110 phones each costing $150. The owner has asked you to record the following transactions using both the perpetual inventory system and the periodic inventory system so he can compare the two methods. 1/8 Sold 15 mobile phones to a customer on credit for $330 each. 2/8 Purchases 20 mobile phones on credit for $150 each. 3/8 Sold 9 mobile phones to a customer for $330 each for cash. 5/8 Sold 6 mobile phone to a customer for $330 each on credit. 6/8 Purchased 10 mobile phones for $150 each using cash. REQUIRED: (1) Record the events above using a perpetual inventory system. (2) Record the events above this time using a periodic inventory system