The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings $80, 100 33,000 (220 @ $150) 50,000 63,100 The following five transactions occurred in Year 3: 1. First purchase (cash): 150 units @ $155 2. Second purchase (cash): 160 units @ $160 3. Sales (all cash): 410 units @ $320 4. Paid $38,000 cash for salaries expense 5. 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-1. Use a vertical model to show the Year income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 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. Reg B1 Reg A Reg 83 Reg B2 Prey 1 of 4 !!! Next > b-1. Use a verur under an accounting equation before preparing the statement, b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted avera events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req B3 Req A Req B2 Req B1 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3 average cost flow. Compute the income tax expense for each method. (Do not round intermediate calculation answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of goods sold Ending inventory Maps M Gmail Eagle Page UWSLU&launchurlah 152Fnewconnected Chapter 5 Homework Saved 1 Complete this question by entering your answers in the tabs below. 6.25 points Req A Reg B1 Reg B2 Reg 83 Book Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Print References WALL'S CHINA SHOP Balance Sheets As of December 31, Year 3 FIFO LIFO Weighted Average Assets 0 $ o$ 0$ Total assets Stockholders' equity 0 $ 05 0 $ Total stockholders' equity Reg B33