The accounting records of Wall's China Shop reflected the following balances as of January $1,$ Year $2.$

Cash $ $16,600$

Beginning inventory $12,460(140$ units @ $$89)$

Common stock $15,800$

Retained earnings $13,260$

The following five transactions occurred in Year $2$:

First purchase $($cash$)$: $120$ units @ $$91$

Second purchase $($cash$)$: $205$ units @ $$99$

Sales $($all cash$)$: $430$ units @ $$194$

Paid $$15,450$ cash for salaries expenses

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.