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$)120$ units @ $$91$

Second purchase $($cash$)195$ units @ $$99$

Sales $($all cash$)360$ units @ $$198$

Pald $$15,550$ cash for salarles expense

Pald 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 $(3)$ welghted$-$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

welghted average. $($Hint: Record the events under an accounting equation before preparing the statements.$)$

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, $(2)$ LFO cost flow, and $(3)$ weighted$-$

average cost flow. $($Do not round intermediate calculations. Round your answers to nearest whole dollar amount.$)$