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 : 1. First purchase (cash) 115 units &$90 2. Second purchase (cash) 195 units $98 3. Sales (all cash) 350 units 9$194 4. Paid $16,200 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. 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 fiow, and (3) weightedaverage cost flow. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) The accounting records of Wall's China Shop reffected the following balances as of January 1, Year 2 : The following five transactions occurred in Year 2 : 1. First purchase (cosh) 115 units 9$90 2. Second purchase (cash) 195 units a $98 3. Sales (all cash) 350 units d$194 4. Paid $16,200 cash for selaries 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. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LFO, 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 income statement under fiFO, LIF, and weighted average. (Do not round intermediate calculations. flound your answers to nearest whole dellar amount.) 5: Homework - Different methods for Estimating Uncollectible Accoums and Invemtory Cost FL G The accounting records of Wairs China Shop reflected the following balances as of January 1, Year 2 9.48 points The following five transactions occurred in Year 2 : 1. First purchase (cash) 115 units $99 2. Second purchase (cash) 195 units e $98 3. Sales (ali cash) 350 units e $194 4. Paid $16,200 cosh for salaries expense 5. Paid cash for income tnx at the rate of 25 percent of income before taxes Anterences Required a. Compute the cost of goods sold and ending inventory, assuming (7) FFO cost flow, (2) LFO cost flow, and (3) weighted-iverage cost flow. b. Use a vertical model to show the Year 2 income statemen, baiance sheet and statement of cash flows under FIFO, LFO, and woighted 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 balance sheet under FIFO, UFO, and weighted average. (Do not round intermediate calculations. flound your answers to nearest whole dollar amount.) The accounting records of Wall's Chinn Shop refiected the following balances as of January 1 , Year 2 : The following five transections occured in Year 2 : 1. First purchase (cash) 115 units a $90 2. Second purchase (cash) 195 units \& $98 3. Sales (all cash) 350 units 2$194 4. Paid $16.200 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 soid and ending inventory, assuming (7) FiFO cost flow, (2) LIFO cost flow, and (3) weighted-averege cost flow. b. Use a vertical model to show the Year 2 income statement, beiance sheet, and statement of cash fiows under FiFO, LFO, 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 fows under fifo, Lfo, and weighted average. (Do not round Use a vertical model to show the Year 2 statement of cash fows under fafo, Lifo, and weighted average. (Do not round minat sian.)
