The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. The following five transactions occurred in Year 2: 1. First purchase (cash): 150 units@ @155 2. Second purchase (cash): 160 units @ $160 3. Sales (all cash): 410 units @ $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 co 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. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is required for a transaction/event, select "No journal entry required" in the first account field. Do not round interme 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 Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory syste The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. The following five transactions occurred in Year 2: 1. First purchase (cash): 150 units@ @155 2. Second purchase (cash): 160 units @ $160 3. Sales (all cash): 410 units @ $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 co 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. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is required for a transaction/event, select "No journal entry required" in the first account field. Do not round interme 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 Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory syste