The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 17,000 Beginning inventory 14,080 (160 units @ $88) Common stock 15,200 Retained earnings 15,880 The following five transactions occurred in Year 2: 1. First purchase (cash): 125 units o $90 2. Second purchase (cash): 200 units o $98 3. Sales (all cash): 425 units o $199 4. Paid $14.400 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before tax taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted average cost flow. Compute the income tax expense for each method b. Record the above transactions in general joumal form and post to Taccounts assuming each of the cost flows listed Assume perpetual inventory system is used 1. FIFO 2. UFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet and statement of cash flows under FIFO, LIFO, and weighted average Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. Compute the income tax expense for each method. (Round Intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cost of Goods Ending Sold Inventory FIFO LIFO Weighted average WALL'S CHINA SHOP Computation of Income Tax Expense and Net Income FIFO LIFO Weighted Average 0 0 0 0 0 0 OS 0$