The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3:

Cash	$ 16,500
Beginning inventory	19,740	(210 @ $94)
Common stock	15,600
Retained earnings	20,640

The following five transactions occurred in Year 3:

1. First purchase (cash): 115 units @ $96
2. Second purchase (cash): 200 units @ $104
3. Sales (all cash): 355 units @ $191
4. Paid $16,450 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. Compute the income tax expense for each method.

b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3:

Cash	$ 16,500
Beginning inventory	19,740	(210 @ $94)
Common stock	15,600
Retained earnings	20,640

The following five transactions occurred in Year 3:

1. First purchase (cash): 115 units @ $96
2. Second purchase (cash): 200 units @ $104
3. Sales (all cash): 355 units @ $191
4. Paid $16,450 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. Compute the income tax expense for each method.

b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3:

Cash	$ 16,500
Beginning inventory	19,740	(210 @ $94)
Common stock	15,600
Retained earnings	20,640

The following five transactions occurred in Year 3:

1. First purchase (cash): 115 units @ $96
2. Second purchase (cash): 200 units @ $104
3. Sales (all cash): 355 units @ $191
4. Paid $16,450 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. Compute the income tax expense for each method.

b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3:

Cash	$ 16,500
Beginning inventory	19,740	(210 @ $94)
Common stock	15,600
Retained earnings	20,640

The following five transactions occurred in Year 3:

1. First purchase (cash): 115 units @ $96
2. Second purchase (cash): 200 units @ $104
3. Sales (all cash): 355 units @ $191
4. Paid $16,450 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. Compute the income tax expense for each method.

b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

help me please