This problem is still saying it's imcomplete even tho I answered the question.

The Pet Store experienced the following events for the Year 1 accounting period:

1. Acquired $90,000 cash from the issue of common stock.

2.Purchased $82,500 of inventory on account.

3.Received goods purchased in Event 2 FOB shipping point; freight cost of $1,120 paid in cash.

4.Sold inventory on account that cost $52,000 for $99,000.

5.Freight cost on the goods sold in Event 4 was $990. The goods were shipped FOB destination. Cash was paid for the freight cost.

6.Customer in Event 4 returned $4,960 worth of goods that had a cost of $2,530.

7.Collected $81,180 cash from accounts receivable.

8.Paid $73,200 cash on accounts payable.

9.Paid $3,340 cash for advertising expense.

10.Paid $3,300 cash for insurance expense.

Required

1. Which of these events affect period (selling and administrative) costs? Which result in product costs?

2. Record the above events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example.

entry) Transaction Cost 4. Product costs 5 Period costs Product costs 9. Period costs 10 Period costs Check my work mode : This shows who is correct or incorrect for the work you have completed so far. It does not indicate completion. Required A Required Record the above events in a horizontal statement model in the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net chang in cash, if the element is not affected by the lever leave the cell blank. The first event is recorded as an example. (Enter any decreases to account balances and cash outflows with a minus sign Not a bells require lento Show less Income Statement Statement of Cash Flows Evont Assets Account Receivable Revenue Net Incore Expenses Cash 90.000 + 90.000 FA + + + 1 12 TB 4a 11.120 + + (1.120) OA + 90.00010 99 000 THE PET STORE Horizontal Statements Model for Year 1 Balance Sheet Liabilities + Stockholders' Equity Hull Accounts Common Retained Inventory Payable Stock Earnings 90,000 82.500 82,500 + + 1.120 + 99,000 (52,000) (52,000) + + + + (990) + (4.960) 2.530 + 2,530 + (73,200) + + (3,340) (3.300) 111 34 150 9 300 90 000 + 36.940 + + 46 52,000 990 5 19901 99,000 (52 000) (990) (4.960) 2.530 (990) OA Ga M19601 + (4.960) + (2,530) 6b 2 18 181 180) + 87.180 1/3.2001 19 (33401 + + (3340) 81.180OA (73,200) (3,340) (3.300) OA 89,230 NC OOOO 10 + 3,340 = 3,300 57.100 + 3.3001 89 230+ (3.300) 36.940 12860 + 94,040 archi o JW w