The Brick Company had cash sales of $222,900 for Year 1, its first year of operation. On April 2, the company purchased 201 units of inventory at $210 per unit. On September 1, an additional 151 units were purchased for $231 per unit. The company had 45 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions. Required a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, (3) a second purchase of inventory. (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow. b. Compute net income using FIFO. c. Compute net income using LIFO. Complete this question by entering your answers in the tabs below. Required A The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, (3) a second purchase of inventory, (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and if the element is not affected by the event, leave the cell blank. Round your final answers to the nearest whole dollar amount. Enter any decreases to account balances and cash outflow with a minus sign. Not all cells will require entry.) Event No. 1. 2. 3. 4. 5. Bal. 1. 2. 3. 4 5. Required B Required C Bal. Cash 0 + Inventory + + + + + 0 + + + + + Balance Sheet + = 0 = = 01 => = = = THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Retained Earnings 0 0 Revenue Income Statement - 0 - 0- Expenses Panel 2: LIFO Cost Flow + Required A = = = 0 => = == = 0= Net Income 0 0 Required B > Cash Flows Show less A