The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2.

Cash	$ 19,500
Beginning inventory	12,470	(145 units @ $86)
Common stock	15,500
Retained earnings	16,470

The following five transactions occurred in Year 2:

1. First purchase (cash): 115 units @ $88
2. Second purchase (cash): 205 units @ $96
3. Sales (all cash): 425 units @ $198
4. Paid $13,650 cash for salaries expenses
5. Paid cash for income tax at the rate of 40 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. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.

Complete this question by entering your answers in the tabs below. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weightedaverage cost flow. Compute the income tax expense for each method. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet \begin{tabular}{llll} 4 & 5 & 6 \end{tabular} Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. ecord the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 2 5 6 Record sale of inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet (1) 2 6 Record entry for salaries expenses paid. Note: Enter debits before credits. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 12345 Record entry for income tax expenses paid. Note: Enter debits before credits. Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry s required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record sale of inventory for cash. Note: Enter debits before credits. ecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet \begin{tabular}{ll|l|} \hline Record entry for cost of goods sold. & \\ & \\ & \end{tabular} Note: Enter debits before credits. ecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 123 6 Record entry for salaries expenses paid. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 3 4 5 Record entry for income tax expenses paid. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in T-accounts assuminq LIFO cost flow. Assume perpetual inventory system is used. (Round intermediate Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56> Record sale of inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 6 Record entry for cost of goods sold. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 123 Record entry for salaries expenses paid. 6 > > Note: Enter debits before credits. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 3 4 5 Record entry for income tax expenses paid. Note: Enter debits before credits. Req A Req B1 Req B2 Req B3 Req B2 T Req B1 T General General Req B3 T Req C Journal Accounts Acccounts Journal Accounts Journal Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Req B3 General Journal ReqC Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weightedaverage cost flow. Compute the income tax expense for each method. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet \begin{tabular}{llll} 4 & 5 & 6 \end{tabular} Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. ecord the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 2 5 6 Record sale of inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet (1) 2 6 Record entry for salaries expenses paid. Note: Enter debits before credits. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 12345 Record entry for income tax expenses paid. Note: Enter debits before credits. Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry s required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record sale of inventory for cash. Note: Enter debits before credits. ecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet \begin{tabular}{ll|l|} \hline Record entry for cost of goods sold. & \\ & \\ & \end{tabular} Note: Enter debits before credits. ecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 ecimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 123 6 Record entry for salaries expenses paid. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 3 4 5 Record entry for income tax expenses paid. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in T-accounts assuminq LIFO cost flow. Assume perpetual inventory system is used. (Round intermediate Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record second purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56> Record sale of inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 6 Record entry for cost of goods sold. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 123 Record entry for salaries expenses paid. 6 > > Note: Enter debits before credits. Note: Enter debits before credits. Record the above transactions in general journal form assuming weighted-average cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 3 4 5 Record entry for income tax expenses paid. Note: Enter debits before credits. Req A Req B1 Req B2 Req B3 Req B2 T Req B1 T General General Req B3 T Req C Journal Accounts Acccounts Journal Accounts Journal Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Req B3 General Journal ReqC Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.)