1. Acquired $55,000 cash from the Issue of common stock. 2. Purchased $78,000 of Inventory on account. 3. Recelved goods purchased in Event 2 FOB shipping point; freight cost of $1,400 paid in cash. 4. Sold Inventory on account that cost $44,000 for $83,000. 5. Freight cost on the goods sold in Event 4 was $1,200. The goods were shipped FOB destination. Cash was pald for the frelght cost. 6. Customer in Event 4 returned $5,360 worth of goods that had a cost of $2,730. 7. Collected $68,060 cash from accounts recelvable. 8. Pald $64,000 cash on accounts payable. 9. Paid $3,360 cash for advertising expense. 10. Paid $3,570 cash for Insurance expense. Required a. Which of these events affect perlod (selling and administrative) costs? Which result in product costs? b. Record the above events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment actlvity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. Complete this question by entering your answers in the tabs below. Which of these events affect period (selling and administrative) costs? Which result in product costs? (Not all cells require entry.) 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased $78,000 of Inventory on account. 3. Recelved goods purchased in Event 2FOB shipping point; freight cost of $1,400 pald in cash. 4. Sold Inventory on account that cost $44,000 for $83,000. 5. Freight cost on the goods sold in Event 4 was $1,200. The goods were shipped FOB destination. Cash was pald for the freight cost. 6. Customer In Event 4 returned $5,360 worth of goods that had a cost of $2,730. 7. Collected $68,060 cash from accounts recelvable. 8. Pald $64,000 cash on accounts payable. 9. Paid $3,360 cash for advertising expense. 10. Pald $3,570 cash for insurance expense. Required a. Which of these events affect perlod (selling and administrative) costs? Which result in product costs? b. Record the above events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment actlvity, FA for financing activity, or NC for net change In cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. Complete this question by entering your answers in the tabs below. Not all cells require entry.)