The accounting records of Walls China Shop reflected the following balances as of January 1, 2018:

Cash	$	17,700
Beginning inventory		19,110		(210 units @ $91)
Common stock		15,500
Retained earnings		21,310

The following five transactions occurred in 2018:

1. First purchase (cash) 120 units @ $93
2. Second purchase (cash) 195 units @ $101
3. Sales (all cash) 360 units @ $192
4. Paid $14,450 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. Compute the income tax expense for each method.
2. 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.)