The accounting records of Walls China Shop reflected the following balances as of January 1, Year 2: Canh Deginning inventory Common stock Retained earning $80,100 33,000 220 units $150) 50,000 63,100 The following five transactions occurred in Year 2: 1. Filet purchase (cash) 150 units $155 2. Second purchase (cash) 160 units $160 3. Sales (all cash: 410 units @ $320 4. Paid $38.000 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. Compute the income tax expense for each method. b. Record the above transactions in general Journal form and post to T-accounts assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted average cost flow. 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. Required A Required B GJRequired BT Required B GJ Required BT Required B G) Required BT FIFO Acc FIFO LIFO Acc LIFO WA ACC WA Required Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual Inventory system used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do Intermediate calculations. Round your final answers to the nearest whole dollar amount.) No General Journal Dobit Event 01 Credit 1 Merchandise inventory Cash 23,250 23,250 2 02 Merchandise inventory Cash 25,600 IT 25,600 3 Cash Sales revenue 131,200 131,200 4 36 Salaries expense 38,000 38,000 5 04 Income tax expense Cash 7,638 7,638 Required A Required B G Required BT Required B G Required B T Required B G Required BT FIFO Acc FIFO LIFO Acc LIFO WA Acc WA Required C Record the above transactions in post to T-accounts assuming LIFO cost flow. Assume perpetual inventory system is your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal + Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg Bal Beg. Bal Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B G Required BT Required 8 G Required B T Required B G Required BT FIFO Acc FIFO LIFO Acc LIFO WA ACC WA Required Record the above transactions in general Journal form assuming weighted average cost now. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "Na Journal entry required in the first account held. De not round Intermediate calculations. Round your nat answers to the nearest whole dollar amount.) NO Event General Journal Debit Credit Required A Required BG Required BT Required B G Required By Required B G Required BT FIFO Acc FIFO LIFO Acc LIFO WA Acc WA Required Record the above transactions in post to T-accounts assuming weighted-average cost flow. Assume perpetual inven used. (Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory + Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg Bal End. Bal End. Bal Salos Ravenue Cost of Goods Sold Beg. Bal Beg Bal