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

The following five transactions occurred in Year $2$ :

First purchase $($cash$)120$ units @ $$96$

Second purchase $($cash$)200$ units @$$104$

Sales $($all cash$)355$ units @ $$188$

Paid $$14,600$ cash for salaries expense

Paid cash for income tax at the rate of $25$ percent of income before taxes

Required

o$.$ 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:

Use a vertical model to show the Year $2$ income statement under FIFO, LIFO, and weighted awerage. $($Do not round

intermediate calculations. Round your answers to nearest whole dollar amount.$)$