The following inventory transactions apply to Green Company for Year 2: Jan. 1 Apr. 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 260 units @ $50 130 units $85 390 units $56 490 units @ $96 The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions. Required a. Record these transactions in a financial statements model, assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Balance Sheet GREEN COMPANY Horizontal Statements Model Income Statement Retained Earnings Revenue Expense Event Statement of Cash Flows Cash Net Income Inventory 13,000 - (13,000) (13,000) + 1/1 4/1a 4/1b 8/1 12/10 12/15 Bal + (13,000) 13,000 0 ol (13,000) Media Required B >