Cash $ 17,700 Beginning inventory 20,240 (220 units @ $92) Common stock 14,900 Retained earnings 23,040 The following five transactions occurred in 2018: First purchase (cash) 120 units @ $94 Second purchase (cash) 200 units @ $102 Sales (all cash) 370 units @ $196 Paid $14,900 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income before taxes 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. 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.)