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 $2$:

First purchase $($cash$)$: $115$ units @ $$94$

Second purchase $($cash$)$: $200$ units @ $$102$

Sales $($all cash$)$: $415$ units @ $$188$

Paid $$13,400$ cash for salaries expenses

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.

FIFO

LIFO

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 $(3)$ weighted$-$

average 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.$)$