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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 Year :
Cash $
Beginning inventory units @ $
Common stock
Retained earnings
The following five transactions occurred in Year :
First purchase cash units @ $
Second purchase cash units @$
Sales all cash units @$
Paid $ cash for salaries expense
Paid cash for income tax at the rate of percent of income before taxes
Required
a Compute the cost of goods sold and ending inventory, assuming FIFO cost flow, LIFO cost flow, and weightedaverage cost
flow.
b Use a vertical model to show the Year 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 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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