The accounting records of Wall's China Shop reflected the following bolonces as of January 1. Year 2. Cash $ 80,100 Beginning inventory 33,000 (220 units $158) Common stock 50,000 Retained earnings 63,100 The following five transactions occurred in Year 2: 1. First purchase (cash): 150 units $155 2. Second purchase (cash), 160 units o $160 3. Sales (all cash): 410 units a $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 com 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 Cos vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average Journal journal Journai Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is used. (Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg Bal Beg Bai End, Bal End. Bal Common Stock Retained Earnings Bog Bal Beg Bal End. Bal End, Bal Sales Revenue Cost of Goods Sold Bog. Bal Beg Bal End. Bal End. Bal Salaries Expense Income Tax Expense Beg. Bal Bog Bal End. Bal End. Bal Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg Bai Beg Bal End. Bal End, Bal Common Stock Retained Earnings Beg Bal Beg Bai End. Bal End. Bal Sales Revenue Cost of Goods Sold Blog Bal Bog Bal End. Bal End. Bal Salarios Expense Income Tax Expense Beg. Bal Bog Bal End. Bal End. Bal Joum Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash rows under FIFO, LIFO, and weighted average. (Do not round Intermediate calculations. Round your final anwer to the nearest whole dollar amount Amounts to be deducted and losses should be indicated with a minus sign.) WALL'S CHINA SHOP Income statements For Year Ended December 31, Year 2 FIFO LIFO Weighted Average 0 0 0 0 0 0 $ 05 05 0 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets 0 $ 0 $ 0 $ Total assets Stockholders' equity o$ 0 $ 0 Total assets Stockholders' equity $ 0 $ 0 $ Total stockholders' equity 0 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Cash flows from operating activities 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 $ GA 0 Ending cash balance