5: Different methods for Estimating Uncollectible Accounts and I... Saved The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: 7.5 points Cash Beginning inventory Common stock Retained earnings $80, 100 33,000 (220 units @ $150) 50,000 63,100 The following five transactions occurred in 2018: eBook Print 1. First purchase (cash) 150 units @ $155 2. Second purchase (cash) 160 units @ $160 3. Sales (all cash) 410 units @ $320 4. Paid $38,000 cash for salaries expense 5. Paid cash for income tax at the rate of 25 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. Use a vertical model to show the 2018 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 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. FIFO L IFO Weighted Average Cost of goods sold Ending inventory Rega Req B1 >