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 @ $88 2. Second purchase (cash): 205 units @ $96 3. Sales (all cash): 420 units @$194 4. Paid $16,500 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. 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 answers to the nearest whole dollar amount.) Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 356 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 4 5 > Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Common Stock } & \\ \hline Beg. Bal & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Beg. Bal & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline \hline \end{tabular} Record the above transactions in general journal form assuming weighted-average 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. Round intermedi calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. WALL's CHINA SHOP Income Statements WALL's CHINA SHOP Statements of Cash Flows \begin{tabular}{|l|c|c|c|} \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 2} \\ \hline Cash flows from operating activities: & FIFO & LIFO & WeightedAverage \\ \hline & & & \\ \hline & & & \\ \hline Net cash flows from operating activities & & & \\ \hline Cash flows from investing activities & & & \\ \hline Cash flows from financing activities & & & \\ \hline Net change in cash & & & \\ \hline & & & \\ \hline Ending cash balance & & & \\ \hline \hline \end{tabular} 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 @ $88 2. Second purchase (cash): 205 units @ $96 3. Sales (all cash): 420 units @$194 4. Paid $16,500 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. 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 answers to the nearest whole dollar amount.) Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 356 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 4 5 > Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Common Stock } & \\ \hline Beg. Bal & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Beg. Bal & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal & & & \\ \hline \hline \end{tabular} Record the above transactions in general journal form assuming weighted-average 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. Round intermedi calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 56 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. WALL's CHINA SHOP Income Statements WALL's CHINA SHOP Statements of Cash Flows \begin{tabular}{|l|c|c|c|} \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 2} \\ \hline Cash flows from operating activities: & FIFO & LIFO & WeightedAverage \\ \hline & & & \\ \hline & & & \\ \hline Net cash flows from operating activities & & & \\ \hline Cash flows from investing activities & & & \\ \hline Cash flows from financing activities & & & \\ \hline Net change in cash & & & \\ \hline & & & \\ \hline Ending cash balance & & & \\ \hline \hline \end{tabular}