INVENTORY: 1. January 1-You have a beginning balance in inventory of $20,000 (5 items). During the year you purchase an additional 5 items for $5,000 each with terms of 75% down and the rest due in 1 year. You sell 8 items during the year for $7,000 each. Customers paid you 50% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions. 2. January 1-You have a beginning balance in inventory of $100,000 (10 items). During the year you purchase an additional 5 items for $12,000 each with terms of 50% down and the balance due next year. You sell 13 items during the year for $20,000 each. Customers paid you 60% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions.