The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock $16,700 20,210 (215 units @ $94) 15,500 Retained earnings 21,410 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $96 2. Second purchase (cash) 205 units @ $104 3. Sales (all cash) 365 units @ $190 4. Paid $16,900 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.) Complete this question by entering your answers in the tabs below. Req A Req B11 Req 82 Req B3 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 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.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average Reg A Req B1 > eBook Print Req A Req B1 Req B2 Req B3 Use a vertical model to show the Year 2 income statement under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 2 Salaries expense Income before tax FIFO LIFO Weighted Average 0 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 $ Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities FIFO Net cash flows from operating activities 0 Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance LIFO Weighted Average 0 0 0 $ 0 $ 0 $ 0