The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings $20,000 19,995 (215 units @ $93) 15,000 24,995 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $95 2. Second purchase (cash) 205 units @ $103 3. Sales (all cash) 365 units @ $190 4. Paid $13,800 cash for salaries expense 5. Pald 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 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.) flow Complete this question by entering your answers in the tabs below. FIFO LIFO Weighted Average Cost of goods sold Ending inventory WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Salaries expense Income before tax 0 0 0 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets Total assets $ 0 $ 0 $ 0 Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Cash flows from operating activities 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ $ 0 $ 0 $ 0