Smith Ltd owns all of the share capital of Jones Ltd. The income tax rate is 30%. The following transactions took place during the periods ended 30 June 2022 or 30 June 2023.

In January 2023, Smith Ltd sells inventories to Jones Ltd for $35 000 in cash. These inventories had previously cost Smith Ltd $20 000, and remain unsold by Jones Ltd at the end of the period.

In February 2023, Smith Ltd sells inventories to Jones Ltd for $61 000 in cash. These inventories had previously cost Smith Ltd $36 000, and are on-sold externally on 7 May 2023.

In February 2023, Jones Ltd sells inventories to Smith Ltd for $66 000 in cash (original cost to Jones Ltd was $48 000) and half are on-sold externally by 30 June 2023.

In March 2023, Smith Ltd sold inventories for $30 000 to Peters Ltd, an external entity. These inventories were transferred from Jones Ltd on 1 June 2022. The inventories had originally cost Jones Ltd $18 000, and were sold to Smith Ltd for $36 000.

Smith sold a depreciable asset (carrying amount of $22 000) to Jones Ltd on 1 January 2022 for $25 000. Both entities charge depreciation in relation to these items at a rate of 10% p.a. on cost. On 31 December 2022, Jones Ltd sold this asset to Blacktown Ltd, an external entity, for $20 000.

Use examples to illustrate whether there are any differences for the adjustments between the current period transfers and the adjustments for such transfers happening in a previous period with regards to intragroup transfers of inventories.