The Brick Company had cash sales of $222,800 for Yeart, its first year of operation on April 2, the company purchased 175 units of inventory at $210 per unit on September 1, an additional 131 units were purchased for $231 per unit. The company had 34 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 tive 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 FIFd c. Compute net income using LIFO e. Which method, FIFO or LIFO, produced the larger amount of assets on the balance sheet? THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Income Statement Retained Revenue Earnings Expenses Balance Sheet Event No. Cash Flows Cash Inventory Net Income 1 2 3 4 5 Bal 0 Panel 2: LIFO Cost Flow 1 2 3 4 5 Bal 10