The AJAX Company began business on January 1 2016 by selling common stock for $15,000 During 2016 they had the following transactions; Januarypurchased 100 items of inventory at $5 each Octoberpurchased 200 items of inventory at $7 each December puchased 300 items of inventory at $9 each December 31 count of inventory showed 350 in the warehouse AJAX sold their product at $11 each taxes are 10% AJAX had no payables or receivables at the end of the year During 2017 AJAX had the following transactions purchased 400 items of inventory at $11 purchased 500iterms of nventory at $13 February August December 31 count of inventory showed 305 items in the warehouse AJAX sold their product at $17 each taxes are 10% AJAX had no payables or receivables at the end of the year