Based on the following transactions, answer the following questions. i. Credit sales to customers totalled $36,400. ii. Cash sales totalled $119,600. iii. Cash collections on account from customers totalled $31,200. iv. Cost of goods sold during the period was $88,400. V. Payments made to suppliers of inventory totalled $78,000. vi. Wages of $33,800 were paid during the year. In addition, wages of $2,600 remained unpaid at year end; there were no wages unpaid at the beginning of the year. vii. Halfway through the year, a one-year insurance policy was purchased at a cost of $1,000.