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 $17,400 19,780 (215 592) 15,700 21,480 The following five transactions occurred in Year 3 1. First purchase (cash): 125 units @ $94 2. Second purchase (cash): 195 units $102 3. Sales (all cash): 370 units @ $188 4. Paid $15.950 cash for salaries expense 5. Pald 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. Use a vertical model to show the Year 3 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)