8 Required information The following WOW as to the questions displayed below) The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems Assume the fortowing transactions between the two compares occurred in the order sted during the year ended December OSS Amalgamated sold merchandise to American Fashion at a seling once of $320,000. The merchandise had cost Two days later, Amencan Fashions returned goods that had been sold to the company at a price of $37,500 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $5,500 to American Fashions. The goods returned by American Fashion had cost Amalgamated $24.270 Just three days later, American Fashion Dold Amalgamated, which settled all amounts owed. Required: 1. Indicate the amount and direction of the effect ( for increase for decrease, and NE for no effect of each transaction on the Inventory balance of American Fashions (Enter all amounts as positive values.) Eestom Transaction entory Balance