The Brick Company had cash sales of $220,700 for Year 1, its first year of operation. On April 2, the company purchased 153 units of inventory at $155 per unit. On September 1, an additional 115 units were purchased for $171 per unit. The company had 62 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 second purchase of inventory, (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Show the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow b. Compute net income using FIFO. c. Compute net income using LIFO e. Which method, FIFO or LIFO, produced the larger amount of assets on the balance sheet? Balance Sheet Event No. Cash + Inventory L 1. 2 3. 4. + 5. Bal. + 0+ 1 2. 3. 4. Bal 5 + THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Retained Earnings Revenue Income Statement Cash Flows Expenses Net Income = 0 = 0 0 0 = 0 Panel 2: LIFO Cost Flow 0 0 0 Required A Required B Required C Required E Compute net income using FIFO. (Round your final answer to the nearest whole c Net income assuming FIFO cost flow