The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash Beginning inventory $ 18,900 13,795 (155 units @ $89) 15,900 Common stock Retained earnings 16,795 The following five transactions occurred in Year 2: 1. First purchase (cash): 120 units @ $91 2. Second purchase (cash): 195 units @ $99 3. Sales (all cash): 420 units @ $199 4. Paid $16,950 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. Req A Req B1 General Req B2 Req B1 T Accounts Journal General Journal Req B2 T Acccounts Req B3 General Journal Req B3 T Accounts Req C 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.) FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory $ 24,715 WALL'S CHINA SHOP Computation of Income Tax Expense and Net Income FIFO LIFO Weighted Average 0 0 0 0 0 $ 0 $ 0 $ 0