The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3: Cash $ 18,700 Beginning inventory 18,655 (205 @ $91) Common stock 15,400 Retained earnings 21,955 The following five transactions occurred in Year 3: First purchase (cash): 115 units @ $93 Second purchase (cash): 200 units @ $101 Sales (all cash): 350 units @ $190 Paid $15,300 cash for salaries expense 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. Use a vertical model to show the Year 3 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.