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The accounting records of Carrol's Lamp Shop reflected the following balances as of January 1, 2014 Cash $17,000 Beginning inventory 18,900 (210 units $90) Common

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The accounting records of Carrol's Lamp Shop reflected the following balances as of January 1, 2014 Cash $17,000 Beginning inventory 18,900 (210 units $90) Common stock 15,700 20,200 Retained earnings The following five transactions occurred in 2014: 1. First purchase (cash) 125 units $92 2. Second purchase (cash) 200 units @ $100 3. Sales (all cash) 365 units @ $193 4. Paid $16,600 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. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of goods sold Ending inventory

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