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 e $150) 50,000 63,100 aces 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 3 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 31 Req Reg B3 Red B2 Next > Prey MacBook Air PU. LIHU, and weighted average. (Hint Record the events unvel all decounting 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 A Req B1 Reg 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 Ending inventory Rec Req B1 > Prey 1 of 4 ! Next > MacBook Air Wow, and (5) weighted average cost WICO Statement under FIFO, LIFO, and weighted average. (Hint: Record the events y 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, UFO, 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. nces Req A ROBI Reg 2 Reg B3 Use a vertical model to show the Year 3 Income statement under FIFO, UFO, 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.) WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 3 FIFO LIFO Weighted Average Salaries expense Income before tax 0 0 0 Prex 1 of 4 !!! Next > MacBook Air S 8 6 5 2 3 Complete this question by entering your answers in the tabs below. 6.25 points Req A Req B1 Req B2 Req B3 eBook 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 $ 0 $ 0 Total assets Stockholders' equity $ Total stockholders' equity 0 $ 0 0 $ (Prey 1 of 4 DI Next > 1 raw ill Baca MacBook Air 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.) (Cash outflows should be indicated by a minus sign Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 FIFO LIFO Weighted Average Cash flows from operating activities 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 0 0 $ $ 0 0 0 $ Ending cash balance 1 of 4 !!! Prev 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 e $150) 50,000 63,100 aces 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 3 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 31 Req Reg B3 Red B2 Next > Prey MacBook Air PU. LIHU, and weighted average. (Hint Record the events unvel all decounting 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 A Req B1 Reg 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 Ending inventory Rec Req B1 > Prey 1 of 4 ! Next > MacBook Air Wow, and (5) weighted average cost WICO Statement under FIFO, LIFO, and weighted average. (Hint: Record the events y 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, UFO, 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. nces Req A ROBI Reg 2 Reg B3 Use a vertical model to show the Year 3 Income statement under FIFO, UFO, 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.) WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 3 FIFO LIFO Weighted Average Salaries expense Income before tax 0 0 0 Prex 1 of 4 !!! Next > MacBook Air S 8 6 5 2 3 Complete this question by entering your answers in the tabs below. 6.25 points Req A Req B1 Req B2 Req B3 eBook 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 $ 0 $ 0 Total assets Stockholders' equity $ Total stockholders' equity 0 $ 0 0 $ (Prey 1 of 4 DI Next > 1 raw ill Baca MacBook Air 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.) (Cash outflows should be indicated by a minus sign Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 FIFO LIFO Weighted Average Cash flows from operating activities 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 0 0 $ $ 0 0 0 $ Ending cash balance 1 of 4 !!! Prev