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 $ 19,400 12,750 (150 units @ $85) 15,600 16,550 The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $87 2. Second purchase (cash): 200 units @ $95 3. Sales (all cash): 420 units @ $194 4. Paid $16,600 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 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. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Complete this question by entering your answers in the tabs below. Req A Req B1 General Req B1 T Accounts Req B2 General Journal Req 82 T Acccounts Req B3 General Req B3 T Accounts Req C Journal Journal 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. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cost of Goods Sold Ending Inventory FIFO LIFO $ 37,480 $ 4,275 $ 37,930 $ 3,825 Weighted average WALL'S CHINA SHOP Computation of Income Tax Expense and Net Income FIFO LIFO Weighted Average 0 0 0 0 0 0 $ 0 $ 0 $