Cash $ 17,000 Beginning inventory 12,325 (145 units @ $85) Common stock 14,100 Retained earnings 15,225 The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $87 2. Second purchase (cash): 200 units @ $95 3. Sales (all cash): 415 units @ $198 4. Paid $15,400 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weig 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 liste perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average