The Brick Company had cash sales of $225,900 for Year 1, its first year of operation. On April 2, the company purchased 170 units of inventory at $175 per unit. On September 1, an additional 128 units were purchased for $193 per unit. The company had 61 units on hand at the end of the year. The companys 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.

Complete this question by entering your answers in the tabs below Required A Required BRequired C Required E 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. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activit FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Round your final answers to the nearest whole dolla amount. Enter any decreases to account balances and cash outflow with a minus sign.) Show less THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Balance Sheet Income Statement Cash Flows Event No. Retained Earnings Cash 225,900+ (24,704)+ +Inventory RevenueExpenses Net Income 225,900 OA (29,750) OA (24,704) OA 225,900 225,900- 225,900 975029750 2. (29,750) 24,704 42,681 4 5. Bal 35,126 77,236 112,362 (35,126) (77,236) 113,538 77,288 + (77,236) OA 248,734+ 97,135 225,900 225,900- Panel 2: LIFO Cost Flow 225,900- 94,210 225,900+ (29,750) (24,704) 225,900 OA (29,750) OA 24,704) OA 225,900 225,900 2. 29,750- 24,704 4 Bal 171,446 54,454 225,900 225,900- 225,900 171,446 Required B >