Based on the following transactions, answer the following questions. iii. iv. vi. Inventory costing $53,200 was purchased on account. Inventory costing $45,600 was sold for $76,000. Eighty percent of the sales were for cash. Cash collected from credit customers (those who bought on account) totalled $15,200. A lease was signed at the beginning of the year, requiring monthly payments of $800. The rent for the first month was paid when the lease was signed. After that, the $800 rent was paid on the last day of each month, to cover the following month. Supplies costing $4,200were purchased for cash. At the end of the year, $400 of the supplies were still unused. Wages of $28,500 were paid during the year. Also, wages of $400 remained unpaid at year end.