9 (a) If operations for an accounting period resulted in cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period? (b) What is the amount of net income or net loss? (c) If liabilities are $65,000 and owners equity is $35,000, the amount of the assets is: (d) If assets are $205,000 and owners equity is $75,000, the amount of the liabilities is: Question 10 The following items were available for sale during the year: Beginning inventory ........................................... 10 units at $61 First purchase ...................................................... 40 units at $62 Second purchase ................................................. 35 units at $65 Third purchase .................................................... 15 units at $63 (a) Based on the periodic system, the total cost of the 23 units in inventory at the end of the year, according to the first-in, first-out (FIFO) method is: (b) Based on the data, the total cost of the 23 units in inventory for the last-in, first-out (LIFO) method is