The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2.

Cash	$ 80,100
Beginning inventory	33,000	(220 units @ $150)
Common stock	50,000
Retained earnings	63,100

The following five transactions occurred in Year 2:

First purchase (cash): 150 units @ $155

Second purchase (cash): 160 units @ $160

Sales (all cash): 410 units @ $320

Paid $38,000 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. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.