The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2.

Cash	$ 18,100
Beginning inventory	13,485	(155 units @ $87)
Common stock	15,200
Retained earnings	16,385

The following five transactions occurred in Year 2:

1. First purchase (cash): 125 units @ $89
2. Second purchase (cash): 200 units @ $97
3. Sales (all cash): 425 units @ $198
4. Paid $16,350 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. Accounts Req B1 Req B2 Req A Reg B1T General Req B3 Req B2T General Accounts Req B3 T General Journal Reqc ACCcounts Journal 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 pla Round your final answers to the nearest whole dollar amount.) Cost of Goods Ending Sold Inventory FIFO LIFO Weighted average WALL'S CHINA SHOP Computation of Income Tax Expense and Net Income FIFO LIFO Weighted Average 0 0 0 0 0 0 0 $ 0 $ 0 Req Req B1 General Journal > View transaction list Journal entry worksheet 1 23 4 5 6 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general Journal Check my w Req B1 Req B2 Req A Req B1 T General Req B3 General Req B2T Req B3 T General Journal Accounts Acccounts Reqc Journal Accounts Journal Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual Inventory system is used. calculations to 3 decimal places. 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 Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Req B1 Req A General Journal Req B1T Accounts TXXXXX Req B2 General Journal Req B2 T ACCounts Req B3 General Journal Req B3 T Accounts Eecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inv required for a transaction/event, select "No journal entry required" in the first account field. Round ecimal places. Round your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Req B1 Req B2 Reg BIT Req A Req B3 General Req B2T General Reg B3 T General Accounts Journal ACCcounts Reg C Accounts Journal Journal Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is user calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Feg. 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 End. Bal End, Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Req B1 Req B2 Req A Req B1 T General Req B3 General Req B2T Accounts General Req B3 T Journal Journal ACCcounts Reg C Accounts Journal Record the Year 2 transactions in T-accounts assuming weighted average cost flow. Assume perpetual inventory Intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Eamings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Gost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) WALL'S CHINA SHOP Income Statements For Yoar Ended December 31, Year 2 FIFO LIFO Weighted Average 0 0 0 0 0 0 $ 0 $ 0 $ 0 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets Total assets Stockholders' equity 0 $ 0 $ 0 Total stockholders' equity 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows Average Assets 0 $ 0 $ 0 Total assets Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Cash flows from operating activities: 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 0 0 Ending cash balance 0 0 $ 0 View transaction list Journal entry worksheet 1 23 4 5 6 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general Journal Check my w Req B1 Req B2 Req A Req B1 T General Req B3 General Req B2T Req B3 T General Journal Accounts Acccounts Reqc Journal Accounts Journal Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual Inventory system is used. calculations to 3 decimal places. 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 Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Req B1 Req A General Journal Req B1T Accounts TXXXXX Req B2 General Journal Req B2 T ACCounts Req B3 General Journal Req B3 T Accounts Eecord the above transactions in general journal form assuming LIFO cost flow. Assume perpetual inv required for a transaction/event, select "No journal entry required" in the first account field. Round ecimal places. Round your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Req B1 Req B2 Reg BIT Req A Req B3 General Req B2T General Reg B3 T General Accounts Journal ACCcounts Reg C Accounts Journal Journal Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is user calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Feg. 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 End. Bal End, Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Req B1 Req B2 Req A Req B1 T General Req B3 General Req B2T Accounts General Req B3 T Journal Journal ACCcounts Reg C Accounts Journal Record the Year 2 transactions in T-accounts assuming weighted average cost flow. Assume perpetual inventory Intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Eamings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Gost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal Sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) WALL'S CHINA SHOP Income Statements For Yoar Ended December 31, Year 2 FIFO LIFO Weighted Average 0 0 0 0 0 0 $ 0 $ 0 $ 0 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO LIFO Weighted Average Assets Total assets Stockholders' equity 0 $ 0 $ 0 Total stockholders' equity 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows Average Assets 0 $ 0 $ 0 Total assets Stockholders' equity Total stockholders' equity $ 0 $ 0 $ 0 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 FIFO LIFO Weighted Average Cash flows from operating activities: 0 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 0 0 Ending cash balance 0 0 $ 0