Help please!! The accounting records of walls china shop reflected balances...
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Accounting
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The accounting records of walls china shop reflected balances as of January 1st year 3.
1.
Cash $18,400 Beginning inventory 19,740 (210 $94) Common stock 14, 800 23,340 Retained earnings The following five transactions occurred in Year 3: 1. First purchase (cash): 115 units $96 2. Second purchase (cash): 205 units@$104 3. Sales (all cash): 355 units @$199 4. Paid $15,850 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 () FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b. Use a vertical model to show the Year 3 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.) Complete this question by entering your answers In the tabs below Required A Required 81 Required B2 Required B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- e calculations. Round your
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