The accounting records of Walls China Shop reflected the following balances as of January 1, Year 2:

Cash	$	16,100
Beginning inventory		20,210		(215 units @ $94)
Common stock		14,100
Retained earnings		22,210

The following five transactions occurred in Year 2:

1. First purchase (cash) 120 units @ $96
2. Second purchase (cash) 200 units @ $104
3. Sales (all cash) 365 units @ $190
4. Paid $16,750 cash for salaries expense
5. Paid cash for income tax at the rate of 25 percent of income before taxes

Required

1. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow.
2. 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. Req A Req B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO average cost flow. (Do not round intermediate calculations. Round your answers to nearest w Cost of goods sold Ending inventory FIFO LIFO Weighted Average $ 34,850 $ 36,550 $ 35,838 $ 17,680 $ 15,980 $ 16,692 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO average cost flow. (Do not round intermediate calculations. Round your answers to nearest w Cost of goods sold Ending inventory FIFO LIFO Weighted Average $ 34,850 $ 36,550 $ 35,838 $ 17,680 $ 15,980 $ 16,692