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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: The following five transactions occurred in Year 2:
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $90 2. Second purchase (cash) 200 units @ \$98 3. Sales (all cash) 355 units @ $192 4. Paid $16,200 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Complete this question by entering your answers in the tabs below. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weightedaverage cost flow. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Use a vertical model to show the Year 2 income statement under FIFO, LIFO, and weighted average. (Do not roun intermediate calculations. Round your answers to nearest whole dollar amount.) weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign.)
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