The accounting records of Walls China Shop reflected the following balances as of January 1, Year 2: Cash $ 19,900 Beginning inventory 18,655 (205 units @ $91) Common stock 15,500 Retained earnings 23,055 The following five transactions occurred in Year 2:

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings $19,900 18,655 (205 units @ $91) 15,500 23,055 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $93 2. Second purchase (cash) 200 units @ $101 3. Sales (all cash) 355 units @ $192 4. Paid $16,100 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. b. Use a vertical model to show the Year 2 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.) Req A Req B1 Req 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. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of goods sold Ending inventory Use a vertical model to show the Year 2 income statement under FIFO, LIFO, and weighted average. (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 2 FIFO LIFO Weighted Average Salaries expense Income before tax 0 0 0 Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets Total assets $ 0 $ 0 $ 0 Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign.) 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 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 Ending cash balance $ 0 0 $ 0