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

Cash	$	19,200
Beginning inventory		19,110		(210 units @ $91)
Common stock		15,200
Retained earnings		23,110

The following five transactions occurred in Year 2:

1. First purchase (cash) 120 units @ $93
2. Second purchase (cash) 200 units @ $101
3. Sales (all cash) 360 units @ $200
4. Paid $14,550 cash for salaries expense
5. Paid cash for income tax at the rate of 25 percent of income before taxes

Required

1. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow.
2. 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.)