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The accounting records of Wall's China Shop reflected the following balances as of January 1,...

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Accounting

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 19,300 Beginning inventory 14,260 (155 units @ $92) Common stock 14,000 Retained earnings 19,560 The following five transactions occurred in Year 2: First purchase (cash): 120 units @ $94 Second purchase (cash): 195 units @ $102 Sales (all cash): 415 units @ $198 Paid $13,650 cash for salaries expenses 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

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