The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018:
Cash$17,800
Beginning inventory18,450(205 units @ $90)Common stock14,700Retained earnings21,550
The following five transactions occurred in 2018:
- First purchase (cash) 125 units @ $92
- Second purchase (cash) 195 units @ $100
- Sales (all cash) 360 units @ $185
- Paid $14,500 cash for salaries expense
- Paid cash for income tax at the rate of 25 percent of income before taxes
Required
- 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.
- Use a vertical model to show the 2018 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.)
Is Grades for Bensen Pierre: (Sun x Chapter 5 Homework X C newconnect.mheducation.com/flow/connect.html W 2 P ii Apps D Make a Payment * Super Power T... YouTube Maps News M Gmail O Florida Cancer Sp... Chapter 5 Homework Saved Help Save & Exit Submit Check my work 11 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. 9.1 points b. Use a vertical model to show the 2018 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.) eBook Print Complete this question by entering your answers in the tabs below. References 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. Compute the income tax expense for each method. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of goods sold $ 185 Ending inventory $ 360 Mc Graw Hill Is Grades for Bensen Pierre: (Sun x Chapter 5 Homework X C newconnect.mheducation.com/flow/connect.html W 2 P ii Apps D Make a Payment * Super Power T... YouTube Maps News M Gmail O Florida Cancer Sp... Chapter 5 Homework Saved Help Save & Exit Submit Check my work 11 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. 9.1 points b. Use a vertical model to show the 2018 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.) eBook Print Complete this question by entering your answers in the tabs below. References Reg A Req B1 Req B2 Req B3 Use a vertical model to prepare the 2018 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, 2018 FIFO LIFO Weighted Average Salaries expense Income before tax 0 0 Mc Graw Hill Is Grades for Bensen Pierre: (Sun x Chapter 5 Homework X C newconnect.mheducation.com/flow/connect.html W 2 P ii Apps D Make a Payment * Super Power T... YouTube Maps News M Gmail O Florida Cancer Sp... Chapter 5 Homework Saved Help Save & Exit Submit Check my work 11 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. 9.1 points b. Use a vertical model to show the 2018 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.) eBook Print Complete this question by entering your answers in the tabs below. References Req A Req B1 Req B2 Req B3 Use a vertical model to prepare the 2018 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, 2018 FIFO LIFO Weighted Average Assets Total assets $ o $ o $ Stockholders equity Mc Graw Hill Is Grades for Bensen Pierre: (Sun x Chapter 5 Homework X C newconnect.mheducation.com/flow/connect.html W 2 P ii Apps D Make a Payment * Super Power T... YouTube Maps News M Gmail O Florida Cancer Sp... Chapter 5 Homework Saved Help Save & Exit Submit Check my work 11 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. 9.1 b. Use a vertical model to show the 2018 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and points weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) eBook Print Complete this question by entering your answers in the tabs below. References Req A Req B1 Req B2 Req B3 Use a vertical model to prepare the 2018 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Amounts to be deducted should be indicated with a minus sign.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, 2018 FIFO LIFO Weighted Average Cash flows from operating activities Net cash flows from operating activities 0 0 0 Mc Graw Hill
