15 points ellock The accounting records of Wall's China Shop reflected the following balances as of January 1 Year 2. Cash Beginning inventory Common stock Retained earnings $ 16,700 13,195 (145 units @ 591) 15,800 14,095 The following five transactions occurred in Year 2: 1. First purchase (cash): 120 units $93 2. Second purchase (cash): 205 units @$101 3. Sales (all cash): 430 units $193 4. Paid $13,800 cash for salaries expenses Print 5. Paid cash for income tax at the rate of 40 percent of income before taxes References Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted average cost flow. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Complete this question by entering your answers in the tabs below. Req A Req B1 General Req B1 T Accounts Journal Req 82 General Journal Req 82 T Acccounts Req 83 General Journal Req 3 T Accounts Reg C Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. Compute the income tax expense for each method. (Round intermediate calculations to 3 decimal places 1 of 1 Next Check my work