6 (35%) The Gee Company ("GEE) is an online retailer that was started and incorporated on January 1, 2022. GEE offers no discounts yet expects all customers will pay any bills outstanding. January 3, GEE receives $1,000,000 when it issues 100,000 shares with no par value. January 4, GEE rents a building for $500,000 for a year. Half of the annual payment ($250,000) is paid in cash immediately. The other half is due on June 30. . January 5, GEE purchases 4,000 units of inventory from its supplier on credit for a total of $80,000. January 10, GEE purchases 6,000 units of inventory on credit for $140,000. January 11, GEE's first customer (customer A) purchases 7,000 units from GEE for $210,000 on credit. . January 12, customer B purchases 1,000 units from GEE for $29,000 paid in cash. January 13, GEE purchases 5,000 units of inventory on credit for a total of $125,000. . January 14, customer C purchases 3,000 units from GEE for $84,000 on credit. January 17, customer D calls to inquire about possibly placing an order for 5,000 units for $27 per units in early February. January 18, GEE purchases 1,000 units for $26,000 on credit. Assume that there are no additional transactions during the month of January 2022. Q6.1 Assume that DEE has a periodic inventory system and uses the Last-In, First-Out (LIFO) inventory method. Please show your calculations. (a) Prepare and present all journal entries for January 2022 for GEE associated with the following transactions. Explain if there are any adjusting entries. (b) Prepare and present a trial balance as of end of January 2022. (c) Prepare and present an income statement for January 2022. (d) Prepare and present the statement of cash flows for the month of January 2022 using the indirect method. (e) Prepare and present the balance sheet as of January 31, 2022. Q6.2 In what direction would your answers to Q6.1 have changed if instead DEE had the First-In, First-Out (FIFO) inventory method? Explain your answer. Q6.3 Propose an alternative inventory method (different from Q6.1 and Q6.2) where the GEE's purchase of 1,000 units on January 18 affect reported profits. Explain your answer (no calculations needed)