The accounting records of Wall's China Shop reflected the following balances as of January 1. Year...

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The accounting records of Wall's China Shop reflected the following balances as of January 1. Year 3 Cash Beginning inventory $ 18,000 19,995 (215 @$93) Common stock Retained earnings 14,100 23,895 The following five transactions occurred in Year 3: 1. First purchase (cash): 120 units @$95 2. Second purchase (cash): 195 units @ $103 3. Sales (all cash): 365 units @ $189 4. Paid $15,200 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. 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) Complete this question by entering your answers in the tabs below. Req A Req B1 Req 82 Req 83 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.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. WALL'S CHINA SHOP Balance Sheets As of December 31, Year 31 Assets FIFO LIFO Weighted Average Total assets $ 05 05 Stockholders' equity Tutal stockholders' equity $ 0 $ > Prity 1 of 2 Next>> The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings $ 18,000 19,995 (215 @$93) 14,100 23,895 The following five transactions occurred in Year 3 1. First purchase (cash): 120 units @ $95 2. Second purchase (cash) 195 units @ $103 3. Sales (all cash): 365 units @ $189 4. Paid $15,200 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. 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.) Complete this question by entering your answers in the tabs below. Req A Req B11 Req 82 Req 83 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.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated by a minus sign. Cash flows from operating activities WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 Net cash flown from operating activities Cash flows from Investing activities Cash flows from financing activities Net change in cash Ending cash balance FIFO 0 LIFO Weighted Average $ DS 0 S Show less & The accounting records of Wall's China Shop reflected the following balances as of January 1. Year 3 Cash Beginning inventory $ 18,000 19,995 (215 @$93) Common stock Retained earnings 14,100 23,895 The following five transactions occurred in Year 3: 1. First purchase (cash): 120 units @$95 2. Second purchase (cash): 195 units @ $103 3. Sales (all cash): 365 units @ $189 4. Paid $15,200 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. 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) Complete this question by entering your answers in the tabs below. Req A Req B1 Req 82 Req 83 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.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. WALL'S CHINA SHOP Balance Sheets As of December 31, Year 31 Assets FIFO LIFO Weighted Average Total assets $ 05 05 Stockholders' equity Tutal stockholders' equity $ 0 $ > Prity 1 of 2 Next>> The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings $ 18,000 19,995 (215 @$93) 14,100 23,895 The following five transactions occurred in Year 3 1. First purchase (cash): 120 units @ $95 2. Second purchase (cash) 195 units @ $103 3. Sales (all cash): 365 units @ $189 4. Paid $15,200 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. 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.) Complete this question by entering your answers in the tabs below. Req A Req B11 Req 82 Req 83 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.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated by a minus sign. Cash flows from operating activities WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 Net cash flown from operating activities Cash flows from Investing activities Cash flows from financing activities Net change in cash Ending cash balance FIFO 0 LIFO Weighted Average $ DS 0 S Show less &