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

Cash	$	19,700
Beginning inventory		18,900		(210 units @ $90)
Common stock		14,000
Retained earnings		24,600

The following five transactions occurred in Year 2:

First purchase (cash) 120 units @ $92

Second purchase (cash) 205 units @ $100

Sales (all cash) 360 units @ $190

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.)