Problem #1 The Tourist May and June, the company experienced the following events related to f-s Shop sells souvenirs at various locations along the Florida Gulf Coast. During May 1. Purchased inventory for $2,400 on account. 2. Sold 350 units of inventory for $15 each. 3. Paid suppliers $3,000 June Purchased inventory for $3,600 on account. Sold 500 units for $15 each. 4. 5. Related to inventory. The Tourist Shop also recorded the following: Apr. 30 | Ending balance 200 units @ $7 | = $1.400 .May. 15 | Purchased 300 units @ ! = $2.400 June 5 Purchased 400 units @ $9 $3,600 The Tourist Shop had the following account balances at April 30: Accounts payable Cash Common stock Inventory Retained earnings $2.400 10,000 5,000 1,400 4,000 Required 1. Add labels to the first blank line in the horizontal statements model to reflect the 2. Add the account titles to the third blank link, grouping them according to the 3. Record the transactions above in the horizontal statements model provid 4. What is the total amount of gross profit that The Tourist Shop will report for M components of each statement: Assets, Expenses, Liabilities, Net Income, Revenue, and Stockholder's Equity. appropriate component of each statement. Add the beginning account balances in the space provided Tourist Shop uses the FIFO method. and June? ed. The Balance Sheet Statement Events Beg Bal 2a 2b 50 5b End Bal What is the amount of gross profit (margin) for May and June?$