The accounting records of Walls China Shop reflected the following balances as of January 1, 2018:

Cash	$	16,800
Beginning inventory		20,210		(215 units @ $94)
Common stock		15,600
Retained earnings		21,410

The following five transactions occurred in 2018:

1. First purchase (cash) 125 units @ $96
2. Second purchase (cash) 195 units @ $104
3. Sales (all cash) 370 units @ $190
4. Paid $13,650 cash for salaries expense
5. Paid cash for income tax at the rate of 25 percent of income before taxes

Required

1. 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.
2. Use a vertical model to show the 2018 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)

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. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.)

Use a vertical model to prepare the 2018 income statement under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.)

Use a vertical model to prepare the 2018 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.)

Use a vertical model to prepare the 2018 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Amounts to be deducted should be indicated with a minus sign.)