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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash $18,300 Beginning inventory 17,400 (200 e $87) Common stock 15,600 20,100 The following five transactions occurred in Year 3: 1. First purchase (cash): 120 units@$89 2. Second purchase (cash): 195 units$97 3. Sales (all cash): 350 units@ $193 4. Paid $13,800 cash for salaries expense 5. Paid 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 cost flow. Compute the income tax expense for each method. b. Use a vertical model to show the Year 3 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. Required A Required 81 Required B2 Required 83 oods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- Compute the income tax expense for each method. (Do not round intermediate calculations. Round compute the cost of g average cost flow. answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of aonds soid b. Use vertical model to show the Year 3 income statement, balance sheet, and statement a and weighted average. (Hint: Record the events under an accounting equation before prepe Complete this question by entering your answers in the tabs below Required A Required B1 Required B2 Required B3 ces Use a vertical model to prepare the Year 3 income statement under FIFO, LIFO, and weighted intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 3 FIFOLIFOA Average 4 Salaries expense Income before tax Complete thls questlon by entering your answers in the tabs below. Required ARequired B1Required 82Required B3 Use a vertical model to prepare the Year 3 balance sheet under FIFO, LIro, and weighted average intermedlate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, Year 3 LIFO Weighted Average Assets Total assets Stockholders' equity Total stockholders' equity Print Complete thls questlon by entering your answers In the tabs below. Required ARequired B1 Required B2 Required B3 ferences Use a vertical model to prepare the Year 3 statement of cash flows under FIFO, LIFO, and weight intermediate calculations. Round your answers to nearest whole dollar amount. Amounts to be d with a minus sign.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31. Year 3 LIFOWeighted Average FIFO Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities At the end of the year Randy's Parts Co. had the following tems In Inventory 60 40 80 70 s 90 72 120 130 Pl $ 85 130 125 P3 Required a. Determine the amount of ending Inventory lower-of-cost-or-market rule using the lower-of-cost-or-market rule applied to each individual Inventory item. b. Provide the adjustment necessary to write down the inventory based on Requirement a Assume that Randy's Parts Co use the perpetual inventory system. inventory by t to Cash Beginning inventory17,400 (200 $87) Common stock $18,300 15,600 20,100 The following five transactions occurred in Year 3: 1. First purchase (cash): 120 units @ $89 2. Second purchase (cash): 195 units$97 3. Sales (all cash): 350 units @ $193 4. Paid $13,800 cash for salaries expense 5. Paid 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 () 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 Year 3 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 average cost flow. Compute the income tax expense for each method. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Required A Required 81 Required 82 Required 83 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- LIFOWeighted FIFO Cost of goods sold