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The accounting records of Wall's Chine Shop reflected the following balances as of January 1 Year 2 Cash $ 80, 100 Beginning inventory 33.000 (220

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The accounting records of Wall's Chine Shop reflected the following balances as of January 1 Year 2 Cash $ 80, 100 Beginning inventory 33.000 (220 units $150) 50,000 Retained earnings 63, 100 The following five transactions occurred in Yeat 2: 1. First purchase (cash): 150 units o $156 2. Second purchase (cash): 160 units $160 3. Sales (all cash): 410 units o $320 4. Paid $38,000 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending Inventory, assuming (1) FIFO cost now. (2) LIFO cost flow, and (3) weighted average cost b. Record the above transactions in general Journal form and post to Taccounts assuming each of the cost flows listed. Assume perpetual inventory system is used 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 1. FIFO Complete this question by entering your answers in the tab Req B Req B1 General Journal Req B2 General Journal Req B1 T Accounts Req B2 T ACCCounts Req A Gener Journ Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost fl average cost flow. Compute the income tax expense for each method. (Do notr final answers to the nearest whole dollar amount.) Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average WALL'S CHINA SHOP Computation of Income Tax Expense and Net Income Weighted FIFO LIFO Average 0 0 0 0 0 0 $ 0 $ 0 $ 0 Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is used. (Round your final answers to the nearest whole dollar amount.) Merchandise Inventory Beg Bal Bog. Bal Cash 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 Salarios Expense Income Tax Expense Beg Bal Beg Bal End. Bal End, Bal

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