The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3: Cash $ 80,100 Beginning inventory 33,000 (220 @ $150) Common stock 50,000 Retained earnings 63,100 The following five transactions occurred in Year 3: First purchase (cash): 150 units @ $155 Second purchase (cash): 160 units @ $160 Sales (all cash): 410 units @ $320 Paid $38,000 cash for salaries expense Paid 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 flow. Compute the income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)