The accounting records of Walls China Shop reflected the following balances as of January $1,$ Year $2$:Cash$$16,400$ Beginning inventory$19,350(215$ units @ $$90)$Common stock$14,800$ Retained earnings$20,950$ The following five transactions occurred in Year $2$:First purchase $($cash$)125$ units @ $$92$Second purchase $($cash$)205$ units @ $$100$Sales $($all cash$)370$ units @ $$199$Paid $$15,450$ cash for salaries expense.Paid cash for income tax at the rate of $25$ percent of income before taxes.RequiredCompute the cost of goods sold and ending inventory, assuming$(1)$ FIFO cost flow$(2)$ LIFO cost flow and$(3)$ weighted$-$average cost flowUse 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.$)$Statements of Cash Flows

For the Year Ended December $31,$ Year $2$