The accounting records of Walls China Shop reflected the following balances as of January 1, 2018:

Cash	$	17,600
Beginning inventory		19,360		(220 units @ $88)
Common stock		14,300
Retained earnings		22,660

The following five transactions occurred in 2018:

First purchase (cash) 115 units @ $90

Second purchase (cash) 200 units @ $98

Sales (all cash) 365 units @ $191

Paid $14,950 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. Compute the income tax expense for each method.

Use a vertical model to show the 2018 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 A Req B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. Compute the income tax expense for each method. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) LIFO Weighted Average FIFO Cost of goods sold Ending inventory