hop Two Assign + value 7.50 points Exercise 3-9 Effect of product cost and period cost: Horizontal statements m The Sports Store experienced the following events for the 2014 accounting period: 1. Acquired $40,000 cash from the issue of common stock 2. Purchased $78,000 of inventory on account 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $46,000 for $72,000 5. Freight cost on the goods sold in Event 4 was $560. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $5,100 worth of goods that had a cost of $2,950 7. Collected $61,500 cash from accounts receivable. 8. Paid $66,100 cash on accounts payable 9. Paid $2.600 for advertising expense. 10.Paid $3,100 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, select the transaction NA. om. @ the web and Windows