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, 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 activity, FA for financing activity, NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) Answer is not complete. Complete this question by entering your answers in the tabs below. Compute net income using FIFO. (Round your final answer to the nearest whole dollar amount.) Which method, FIFO or LIFO, produced the larger amoun Compute net income using LIFO. (Round your final answer to the nearest whole dollar amount.) Exercise 5-7A (Algo) Effect of FIFO Versus LIFO on income tax expense LO 5-1 The Brick Company had cash sales of $226,200 for Year 1 , its first year of operation. On April 2, the company purchased 238 units of inventory at $170 per unit. On September 1, an additional 179 units were purchased for $187 per unit. The company had 31 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, 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