Using the following information, show how Wilson’s June

Using the following information, show how Wilson’s June purchases and sales of those same 50-pound fertilizer bags impacted its statement of cash flows, income statement, and balance sheet during the month. Assume all inventory purchases are on credit and that there was no beginning balance in the accounts receivable account. Disregard income taxes and assume that the gross profit represents the net income effect of the transactions. •Assume Wilson used the LIFO method, resulting in cost of goods sold of $12,500 and an ending inventory value of $6,600 •There was a $4,200 beginning balance in the accounts payable account on June 1 •Suppliers were paid $13,500 during the month of June •Wilson earned $25,400 of revenue on sales of the fertilizer bags; $19,900 of the revenue related to cash sales, and the rest were credit sales HINT: We’re looking for the CHANGE in each account during the month of June. For instance, the impact on inventory account is the difference between the ending inventory and the beginning inventory. You may use the t-accounts on the next page to help you determine the impact (using t-accounts are required).