Ch The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2 Cash Beginning inventory Comon stock Retained earnings $18, 100 17,60 (200 units @ $9) 15,700 20,000 The following five transactions occurred in Year 2 ces 1. First purchase (cash) 120 units o S90 2. Second purchase (cash) 205 units @ $98 3. Soles (all cash) 350 units 5192 4. Poid $14,300 cash for salaries expense 5. Poid cash for income tax at the rate of 25 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) weighted average com flow, b. Use a vertical model to show the Year 2 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. Score answer Req A Reg B1 Reg 82 Req B3 Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Cash flows from operating activities Cash inflow from customers Cash outflow for inventory Cash outflow for salaries expense Cash outflow for income tax 0 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus Beginning cash balance Ending cash balance 0 0 $ 0 os Complete this question by entering your answers in the tabs below. Req A Req B1 Reg 82 Req B3 Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets Inventory $ os 01$ 0 Total assets Stockholders' equity Common stock Retained earnings $ 0 S Total stockholders' equity Pey 1 of 1 !!! Score answer > a **S 2 i 99 earch