This business buys lamps for $150 each and sells them for $180 each. On the 1^st June the company had 300 lamps in its store.

During June 2021 the following transactions took place:

June 3^rd Purchased 160 lamps from Lighting Express, terms 2/10, n/30

June 6^th Paid freight costs of $190 on the June 3^rd purchase.

June 11^th Sold 200 lamps on account, terms 2/10, n/30

June 12^th Returned 25 lamps purchased last month to Lighting Express as they were the wrong colour.

June 13^th Paid Lighting Express the amount owed for the June 3^rd purchases.

June 18^th Sold 110 lamps for cash.

June 22^nd A customer returned 20 of the lamps sold on June 11^th and paid for the remaining lamps sold.

a) Prepare the journal entries to record each of the above transactions

b) Discuss why the business would choose to use the periodic inventory system rather than the perpetual inventory system.