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

Cash	$	19,700
Beginning inventory		18,900		(210 units @ $90)
Common stock		15,200
Retained earnings		23,400

The following five transactions occurred in 2014:

1.

First purchase (cash) 120 units @ $92

2.

Second purchase (cash) 200 units @ $100

3.

Sales (all cash) 360 units @ $192

4.

Paid $14,100 cash for salaries expense.

5.

Paid cash for income tax at the rate of 25 percent of income before taxes.

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.)

	FIFO	LIFO	Weighted Average
Cost of goods sold
Ending inventory

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.)

CARROLS LAMP SHOP
Income Statements
For the Year Ended December 31, 2014
	FIFO	LIFO	Weighted Average
Salaries expense
Income before tax

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.)

CARROLS LAMP SHOP
Balance Sheets
As of December 31, 2014
	FIFO	LIFO	Weighted Average
Assets
Total assets
Stockholders' equity
Total stockholders' equity

b-3.

Use a vertical model to prepare the 2014 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations and round your answers to nearest whole dollar amount. Amounts and amounts to be deducted should be indicated with a minus sign.)

CARROLS LAMP SHOP
Statements of Cash Flows
For the Year Ended December 31, 2014
	FIFO	LIFO	Weighted Average
Cash flows from operating activities
Net cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net change in cash
Ending cash balance