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 $19,500 19,065 (205 units @ $93) 15,400 23,165 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $95 2. Second purchase (cash) 200 units @ $103 3. Sales (all cash) 355 units @ $186 4. Paid $15,950 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. 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.) Req A Req B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) FIFO LIFO Weighted Average $ 33,555 $ 35,255 $ 16,535 Cost of goods sold Ending inventory $ 17,510 $ 15,810 Req A Req B1 Req B2 Req B3 Use a vertical model to show the Year 2 income statement under FIFO, LIFO, and weight intermediate calculations. Round your answers to nearest whole dollar amount.) 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 Req A Req B1 Req B2 Req B3 Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 Assets FIFO LIFO Weighted Average Total assets 0 $ 0 $ 0 Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 Req A Req B1 Req B2 Req B3 Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weig intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflow minus sign.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities FIFO LIFO Weighted Average Net cash flows from operating activities 0 0 0 Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance 0 0 0 $ 0 $ 0