The following five transactions occurred In Year 2: 1. First purchase (cash): 120 units @$90 2. Second purchase (cash): 205 units @ $98 3. Sales (all cash): 430 units @$198 4. Paid $15,400 cash for salarles expenses 5. Pald 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 cos 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 Iisted. 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 welghted average. Complete this question by entering your answers in the tabs below. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weightedaverage 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.) Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no entry) is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 3456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. The following five transactlons occurred In Year 2: 1. First purchase (cash): 120 units @$90 2. Second purchase (cash): 205 units @ $98 3. Sales (all cash): 430 unlts @$198 4. Paid $15,400 cash for salarles 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) welghted-ave 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 IIsted. Assu perpetual inventory system Is used. 1. FIFO 2. LIFO 3. Welghted Average c. Use a vertical model to show the Year 2 Income statement, balance sheet, and statement of cash flows under FIFO, LIFO, welghted average. Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 income statement, balance 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.)