The trading position of a simple cash-based business for its first week of trading was as follows: Capital introduced by the owner Purchases for cash Sales for cash $ 000 800 900 At the end of the week there were goods which had cost $300 remaining in inventory. Write up the ledger accounts for the first week and then prepare a vertical statement of profit or loss (i.e. sales revenue, costs of sales and gross profit). Clearly show the closing inventory asset that would be shown on the statement of financial position at the end of the first week. You will need to set up two inventory T-accounts: one for inventory assets and one for inventory within cost of sales