Complete the following table, indicating the amount and direction of effect of each transaction on each item in Rockland Shoe Company's income statement. Be sure to compute the total effects in the final column. Rockland allows returns within only two weeks of the initial sale. (Enter any decreases to account balances with a minus sign.) July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the $800 purchase in cash. The goods cost Rockland $460. July 15 Sold merchandise to Shoe Express at a selling price of $8,000, with terms n/30. Rockland's cost was $4,300. July 23 Shoe Express returned $2,000 of the shoes purchased July 15. The returned shoes were in perfect condition and had cost Rockland $1,100. July 31 Shoe Express paid the balance owing after the events on July 15 and 23. Transaction July 12 July 15 July 23 July 31 Totals Sales Revenues Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $1,800 from Green with terms 2/10, n/30. January 6 Purchased goods from Munoz for $1,200 with terms 2/10, n/30. January 14 Paid Green in full. February 2 Paid Munoz in full. February 28 Purchased goods for $650 from Reynolds with terms n/30. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Cost of Inventory