#2 1 7.5 points book He P References The Pet Store experienced the following events for the Year 1 accounting period: 1 Acquired $60,000 cash from the issue of common stock. 2. Purchased $66,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; transportation cost of $980 paid in cash 4. Sold Inventory on account that cost $34,000 for $63,000. 5. Transportation cost on the goods sold in Event 4 was $1,420. The goods were shipped FOB destination. Cash was paid for the transportation cost. 6. Customer in Event 4 returned $5,640 worth of goods that had a cost of $2,870. 7. Collected $51,660 cash from accounts receivable. 8. Paid $55,200 cash on accounts payable. 9. Paid $3,490 for advertising expense. 10. Paid $4,060 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. Check my w eBlock a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. HIM Transaction. Cost Pr 1. 2 eferences 3. 4. 5. 6. 7. 0. 9. 10