The Brick Company had cash sales of $228,300 for Year 1. Its first year of operation. On April the company purchased 151 units of Inventory at $225 per unit. On September 1, an additional 113 units were purchased for $248 per unit. The company had 54 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions Required o. 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. Record 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 Complete this question by entering your answers in the tabs below. Required A Required Required The preceding paragraph describes tive accounting events: (1) a sales transaction, (2) the fest purchase of inventory. (3) a second purchase of Inventory. (a) 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 UFO cost flow (In the cash low column, use the initials to designate operating activity, IA for investing activity FA for financing activity, NC for not change in cash and if the element is not affected by the event, leave the cell blank Round your final answers to the nearest whole doll amount Enter any decreases to account balances and cash cotflow with a minus sion. Not all cells will require entry) Show lewa THE BRICK COMPANY Effect of Events on Financial Statements Balance Sheet THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Income Statement Retained Revenue Expenses Earnings 228,300 228,300 Cash Flows Event No. Cash Inventory Net Income 1 228,300 2 228,300 (33,975) (28.024) 33,975 228,300 OA (33,975) OA (28,024) OA 3 28,024 = 4 + HE + 5 Bal II 166,301 + 61,999 228,300 166,301 228,300 228,300 Panel 2: LIFO Cost Flow 1 2 3 + + + + + 4 5 Bal 0 Rood Required B > . The preceding paragraph describes five accounting events: (1) a sales transaction, purchase of inventory. (4) the recognition of cost of goods sold expense, and (5) the amounts of each event in horizontal statements models like the following ones, assu b. Compute net income using FIFO. c. Compute net income using LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute net income using FIFO. (Round your final answer to the nearest whole dollar amo Net income assuming FIFO cost flow c. Compute net income using LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Required Compute net income using LIFO. (Round your final answer to the nearest whole dollar amount.) Net income assuming LIFO cost flow