The accounting records of Carrols Lamp Shop reflected the following balances as of January 1, 2014:

Cash $ 19,300

Beginning inventory 19,530 (210 units @ $93)

Common stock 15,000

Retained earnings 23,830

The following five transactions occurred in 2014:

1. First purchase (cash) 115 units @ $95

2. Second purchase (cash) 200 units @ $103

3. Sales (all cash) 355 units @ $188

4. Paid $15,750 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. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.)

b-1. Use a vertical model to prepare the 2014 income statement under FIFO, LIFO, and weighted average. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.)

b-2. Use a vertical model to prepare the 2014 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.)