The accounting records of Wall$$s China Shop reflected the following balances as of January $1,$ Year $2$:Complete this question by entering your answers in the tabs below.

Req B$1$

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.$)$

Cash $

$18,200$

Beginning inventory $19,320(210$ units @ $$92)$

Common stock $14,200$

Retained earnings

$23,320$

The following five transactions occurred in Year $2$:

First purchase $($cash$)115$ units @ $$94$

Second purchase $($cash$)200$ units @ $$102$

Sales $($all cash$)355$ units @ $$187$

Paid $$13,600$ cash for salaries expense

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

Required

Compute the cost of goods sold and ending inventory, assuming $(1)$ FIFO cost flow, $(2)$ LIFO cost flow, and $(3)$ weighted$-$average cost flow.

Use a vertical model to show the Year $2$ income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. $($Hint: Record the events under an accounting equation before preparing the statements.$)$The accounting records of Wall's China Shop reflected the following balances as of January $1,$ Year $2$:

The following five transactions occurred in Year $2$:

First purchase $($cash$)115$ units @ $$94$

Second purchase $($cash$)200$ units @ $$102$

Sales $($all cash$)355$ units @ $$187$

Paid $$13,600$ cash for salaries expense

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.

b$.$ Use a vertical model to show the Year $2$ income statement, balance sheet, and 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.

Req B$1$

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. Round your answers to nearest whole dollar amount.$)$