The accounting records of Walls China Shop reflected the following balances as of January $1,$ Year $2$:Cash$$16,400$ Beginning inventory$19,350(215$ units @ $$90)$Common stock$14,800$ Retained earnings$20,950$ The following five transactions occurred in Year $2$:First purchase $($cash$)125$ units @ $$92$Second purchase $($cash$)205$ units @ $$100$Sales $($all cash$)370$ units @ $$199$Paid $$15,450$ cash for salaries expense.Paid cash for income tax at the rate of $25$ percent of income before taxes.RequiredCompute the cost of goods sold and ending inventory, assuming$(1)$ FIFO cost flow$(2)$ LIFO cost flow and$(3)$ weighted$-$average cost flowUse a vertical model to show the Year $2$ 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.$)ReqA$

Req B$2$

Compute the cost of goods sold and ending inventory, assuming

$(1)$ FIFO cost flow

$(2)$ LIFO cost flow and

$(3)$ weighted$-$average cost flow

Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount.

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Cost of goods sold,$$,33,850,,],[$Ending inventory,$$,17,500,,]]$

RegA

Use a vertical model to show the Year $2$ income statement under FIFO, LIFO, and weighted average. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount.

$\backslash$table$[[$WALL$\text{'}$S CHINA SHOP$],[$Income Statements$],[$For the Year Ended December $31,$ Year $2],[,$FIFO,LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[,,,],[,,,],[,,,],[$Salaries expense$],[$Income before tax,$0,0,0],[,,,],[,,,]]$