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The accounting records of Wall's China Shop reflected the following balances as of January 1 , Year 2 : Cash $ 1 6 , 6

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2:
Cash $
16,600
Beginning inventory 18,900(210 units @ $90)
Common stock 15,400
Retained earnings
20,100
The following five transactions occurred in Year 2:
First purchase (cash)120 units @ $92
Second purchase (cash)200 units @$100
Sales (all cash)360 units @$200
Paid $13,600 cash for salaries expense
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.)
Complete this question by entering your answers in the tabs below.
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 sian.)

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