The accounting records of Wall's China Shop reflected the following balances as of January 1, 2016: Cash $80,100 Beginning inventory 33,000 (220 units @ $150) Common stock 50,000 Retained earnings 63,100 The following five transactions occurred in 2016: 1. First purchase (cash) 150 units @ $155 2. Second purchase (cash) 160 units @ $160 3. Sales (all cash) 410 units @ $320 4. Paid $38,000 cash for salaries expense. 5. 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. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the 2016 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.)