The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 125 units @ $87 2. Second purchase (cash): 200 units @ $95 3. Sales (all cash): 430 units @ $186 4. Paid $14,450 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 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. $ 16,800 12,750 (150 units @ $85) 14,200 15,350 Complete this question by entering your answers in the tabs below. Req A Req B1 General Journal FIFO LIFO Req B1 T Accounts Req B2 General Journal Req B2 T Acccounts Cost of Goods Sold Reg B3 General Journal 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. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Ending Inventory Req B3 T Accounts Req C Prev 1 of 4 www

Journal entries: first purchase of merchandise inventory for cash, second purchase merch inv cash, sale of inv for cash, cost of goods sold, salaries expenses paid, income tax expense paid

journal entries 2: first purchase merch inv for cash,second purchase merch inv for cash, sale of inv for cash, cost of goods sold, salaries exp paid, income tax exp paid

journal entries 3: same as before

income statement, balance sheet, statement of cash flows

Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is used. (Round ) Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, UFO, an velghted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dolla amount, Amounts to be deducterd and losses should be indicated with a minus sign.) 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): 125 units @$87 2 Second purchase (cash) 200 units $95 3. Sales (all cash) 430 units @$186 4. Paid $14,450 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FFFO cost flow, (2) LIFO cost flow, and (3) weighted-average cos 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. FFFO 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. 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) LifO cost flow, and (3) weighted. average cost flow. compute the income tax expense for each method. (froubd intermediate calculations to 3 decimal places. Round your final answers to the negrest whole dollar amount.) Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual invento 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) LIFO cost flow, and (3) weightedaverage cost flow. Compute the income tax expense for each method. (Round intermediate calculations to 3 decimal places. Round your final anawers to the nearest whole dollar amount.) \begin{tabular}{|l|l|l|l|} \hline Assets & & & \\ \hline \end{tabular} WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2