ces 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 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $90 2. Second purchase (cash) 200 units @ $98 $17,500 18,480 (210 units @ $88) 15,000 20,980 3. Sales (all cash) 360 units @ $190 4. Paid $16,750 cash for salaries expense. 5. Paid cash for income tax at the rate of 25 percent of income before taxes. Required 4 a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weigh average cost flow. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, 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. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost average cost flow. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount Complete this question by entering your answers in the tabs below. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost average cost flow. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount