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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash Beginning inventory Common stock Retained earnings $ 16,400 13,760 (160 units @ $86) 14,000 16,160 The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $88 2. Second purchase (cash): 195 units @ $96 3. Sales (all cash): 410 units @ $193 4. Paid $13,650 cash for salaries 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) weighted-average cost 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 listed. 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 weighted

Record the Year 2 transactions in T-accounts assuming FiFO cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole doilar amount.) ecord the Year 2 transactions in T-accounts assuming LFO cost flow. Assume perpetual inventory system is ileulatinns to 3 decimal nlares, Round vour final ancwers to the nearest whole dollar amount.) 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.) Income Statements For Year Ended December 31, Year 2 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. The following five transactions occurred in Year 2 : 1. First purchase (cash): 115 units 0$88 2. Second purchase (cash): 195 units a $96 3. Soles (all cash): 410 units a $193 4. Paid $13,650 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required o. Compute the cost of goods sold and ending inventory, assuming (1) FFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost 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 listed. 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, UFO, and Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no ent is required for a transaction/event, select "No fournal 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 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. WALL's CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 Record the above transactions in general journal form assuming UFO 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 fleld. Round intermediate calculations to 3 decimal places, Round your final answers to the nearest whole dollar amount.) Journal entry worksheet Record first purchase of merchandise inventory for cash. Note- Enter debies before credits. Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inven intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Record the above transactions in general journal form assuming weighted-average 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 intermediat calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Record the Year 2 transactions in T-accounts assuming FiFO cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole doilar amount.) ecord the Year 2 transactions in T-accounts assuming LFO cost flow. Assume perpetual inventory system is ileulatinns to 3 decimal nlares, Round vour final ancwers to the nearest whole dollar amount.) 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.) Income Statements For Year Ended December 31, Year 2 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. The following five transactions occurred in Year 2 : 1. First purchase (cash): 115 units 0$88 2. Second purchase (cash): 195 units a $96 3. Soles (all cash): 410 units a $193 4. Paid $13,650 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required o. Compute the cost of goods sold and ending inventory, assuming (1) FFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost 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 listed. 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, UFO, and Record the above transactions in general journal form assuming FIFO cost flow. Assume perpetual inventory system is used. (If no ent is required for a transaction/event, select "No fournal 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 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. WALL's CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 Record the above transactions in general journal form assuming UFO 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 fleld. Round intermediate calculations to 3 decimal places, Round your final answers to the nearest whole dollar amount.) Journal entry worksheet Record first purchase of merchandise inventory for cash. Note- Enter debies before credits. Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inven intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount. Record the above transactions in general journal form assuming weighted-average 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 intermediat calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits

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