comprehsive problem please Classify each of the 6 transactions below as AS, AU, AE or CE Bower Consulting Company started the period with cash of $25,000, 500 units of inventory with a cost of $20,000 (uses FIFO) , common stock of $20,000 and retained earnings of $25,000. Bower engaged in the following transactions in 2013:
Transactions during 2013
1	Purchased with cash 50 units of inventory for $2,500
2	Purchased on account 250 units of inventory for $14,000
3	Sold 750 units of inventory for $112,500. This was a cash sale
4	Sold 10 units of inventory for $1,500. This was a cash sale
5	Made a partial refund for 8 units to the customer who purchased the 10 units in the transaction above.
Information for Adjusting Entries
6	Bower carries only one type of inventory item. At year end the market value of each unit of inventory was $45 per unit.
	Re-evaluate the value of the ending inventory and prepare the necessary journal entry, assuming Bower applies the lower of cost or market rule to individual items
1		6
2		12
3		6
4		2
5		5
6		5
7		5
8		5
9		4
		50

	1	Classify
1	Purchased with cash 50 units of inventory for $2,500
2	Purchased on account 250 units of inventory for $14,000
3	Sold 750 units of inventory for $112,500. This was a cash sale
4	Sold 10 units of inventory for $1,500. This was a cash sale
5	Made a partial refund for 8 units to the customer who purchased the 10 units in the transaction above.
6	Bower carries only one type of inventory item. At year end the market value of each unit of inventory was $45 per unit.
	Re-evaluate the value of the ending inventory and prepare the necessary journal entry, assuming Bower applies the lower of cost or market rule to individual items