Ine ccounting records of Walls China shop reflected the Howing balances as of January 1, Year 3. Cash Beginning inventory Common stock Retained earnings $16,400 18,000 (200 @ $90) 15,600 18,800 The following five transactions occurred in Year 3: 1. First purchase (cash): 125 units @ $92 2. Second purchase (cash): 200 units @ $100 3. Sales (all cash): 355 units @ $195 4. Paid $13,600 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-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record under an accounting equation before preparing the statements.) (Do not round intermediate calculations. Rour to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, Year 3 FIFO LIFO Weighted Average Assets $ 0 $ 0 $ 0 Total assets Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0