The accounting records of Wall$$s China Shop reflected the following balances as of January $1,$ Year $2$:

Cash $ $80,100$

Beginning inventory $33,000(220$ units @ $$150)$

Common stock $50,000$

Retained earnings $63,100$

The following five transactions occurred in Year $2$:

First purchase $($cash$)150$ units @ $$155$

Second purchase $($cash$)160$ units @ $$160$

Sales $($all cash$)410$ units @ $$320$

Paid $$38,000$ cash for salaries expense

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

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$\backslash$table$[[$eBook$],[$Ask$],[$Print$],[$References$]]$

Use a vertical model to show the Year $2$ income statement under FIFO, LIFO, and weighted average. $($Do not round intermediate calculations. Round your answers to nearest whole dollar amount.$)$

$\backslash$table$[[$WALL$\text{'}$S CHINA SHOP,$],[$Income Statements,,$],[$For the Year Ended December $31,$ Year $2,,,],[,$FIFO,LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Cash$,,,],[$Merchandise inventory,,,$],[,,,],[$Salaries expense,,,$],[$Income before tax,,,$],[,,,]]$

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