flow, and (3) weighted-averige L h. Use a vertical model to show the 2018 income statement, an lows under FIFO, LIFO, and weighted average. (Hint: Record the events under equation before preparing the statements.) The Brick Company had cash sales of $280,000 for 2018, its first year of operation. On April 2, th company purchased 210 units of inventory at $390 per unit. On September 1, an additional 160 unite were purchased for $425 per unit. The company had 110 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions Required LO 5-6 Problem 5-33 Effect of FIFO versus LIFO on income tax expense a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first pur e of inventory, (3) a second purchase of inventory, (4) the recognition of cost of goods sold and (5) the payment of income tax expense. Record the amounts of each event in horizon. chas LIFO cost flow tal statements models like the following ones, assuming first a FIFO and then a Effect of Events on Financial Statements Panel 1: FIFO Cost Flow Event No. Statement of Cash Flows Balance Sheet Income Statement Cash + Inventory Ret. Earn. Rev. Exp Net Inc. Panel 2: LIFO Cost Flow Event No. Statement of Cash Flows Balance Sheet Income Statement Cash Inventory Ret. Earn. Rev.Exp Net Inc