The accounting records of Wall's China Shop reflected the following balances as of January 1,...
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The accounting records of Wall's China Shop reflected the following balances as of January Year Cash $ Beginning inventory units @ $ Common stock Retained earnings The following five transactions occurred in Year : First purchase cash: units @ $ Second purchase cash: units @ $ Sales all cash: units @ $ Paid $ cash for salaries expense Paid cash for income tax at the rate of percent of income before taxes Required a Compute the cost of goods sold and ending inventory, assuming FIFO cost flow, LIFO cost flow, and weightedaverage cost flow. Compute the income tax expense for each method. 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. FIFO LIFO Weighted Average c Use a vertical model to show the Year income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.
The accounting records of Wall's China Shop reflected the following balances as of January Year Cash $ Beginning inventory units @ $ Common stock Retained earnings The following five transactions occurred in Year : First purchase cash: units @ $ Second purchase cash: units @ $ Sales all cash: units @ $ Paid $ cash for salaries expense Paid cash for income tax at the rate of percent of income before taxes Required a Compute the cost of goods sold and ending inventory, assuming FIFO cost flow, LIFO cost flow, and weightedaverage cost flow. Compute the income tax expense for each method. 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. FIFO LIFO Weighted Average c Use a vertical model to show the Year income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.
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