Required B entering your answers in the tabs below. waulied C noes five accounting events: (1) a sales transaction, (2) the first purchase of inventory. (3) a second purchase of inventory. (4) the Id expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models ike the n. Wot ail cens will tequire entry? Complete this question by entering your answers in the tabs below. Compute net income using FIFO. Complete this question by entering your answers in the tabs below. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, ( 3 ) a second recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizo following ones, assuming first a FiFO and then a LIFO cost flow. (In the Cash Flow column, use the initials OA to designate operatini FA for financing activity, NC for net change in cosh and if the elemisht is nat affected by the event, Icave the cell blank. Enter any de cath outhows with a minus alon. Not all cells will require entiy.) The Brick Company had cash sales of $280.000 for Year 1, its first year of operation. On April 2 , the company purchased 210 units of inventory at $390 per unit. On September 1 , an additional 160 units were purchased for $425 per unit. The company had 110 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions: Required a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, (3) a 5econd purchase of inventory. (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models like the following ones, assuming first a fiFO and then a LLFO cost flow b. Compute net income using FiFO c. Compute net income using LiFO. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Compute net income using LIFO