The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ \$93 2. Second purchase (cash): 200 units @ \$101 3. Sales (all cash): 425 units @ \$186 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 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 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.) 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.) 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.) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Record the above transactions in general journal form assuming LIFO 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. Rounc intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is used. (Round 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 intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) \begin{tabular}{|l|l|l|l|l|l|l|} \hline Req A & \begin{tabular}{l} Req B1 \\ General \\ Journal \end{tabular} & \begin{tabular}{l} Req B1 T \\ Accounts \end{tabular} & \begin{tabular}{l} Req B2 \\ General \\ Journal \end{tabular} & \begin{tabular}{c} Req B2 T \\ Acccounts \end{tabular} & \begin{tabular}{l} Req B3 \\ General \\ Journal \end{tabular} & \begin{tabular}{l} Req B3 T \\ Accounts \end{tabular} \\ \hline \end{tabular} Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Rou intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } & \multicolumn{4}{|c|}{ Merchandise Inventory } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline \multirow[t]{4}{*}{x} & & & & x & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & End. Bal & & & \\ \hline \multicolumn{8}{|l|}{ End. Bal } \\ \hline \multicolumn{4}{|c|}{ Common Stock } & \multicolumn{4}{|c|}{ Retained Earnings } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \multicolumn{4}{|c|}{ Sales Revenue } & \multicolumn{4}{|c|}{ Cost of Goods Sold } \\ \hline \multirow[t]{2}{*}{ Beg. Bal } & & & & Beg. Bal & & & \\ \hline & & x & x & x & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \multicolumn{4}{|c|}{ Salaries Expense } & \multicolumn{4}{|c|}{ Income Tax Expense } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline x & & & & x & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \end{tabular} Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and jur final answers to the nearest whole dollar n.) The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ \$93 2. Second purchase (cash): 200 units @ \$101 3. Sales (all cash): 425 units @ \$186 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 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 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.) 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.) 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.) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Record the above transactions in general journal form assuming LIFO 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. Rounc intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Record the Year 2 transactions in T-accounts assuming LIFO cost flow. Assume perpetual inventory system is used. (Round 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 intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) \begin{tabular}{|l|l|l|l|l|l|l|} \hline Req A & \begin{tabular}{l} Req B1 \\ General \\ Journal \end{tabular} & \begin{tabular}{l} Req B1 T \\ Accounts \end{tabular} & \begin{tabular}{l} Req B2 \\ General \\ Journal \end{tabular} & \begin{tabular}{c} Req B2 T \\ Acccounts \end{tabular} & \begin{tabular}{l} Req B3 \\ General \\ Journal \end{tabular} & \begin{tabular}{l} Req B3 T \\ Accounts \end{tabular} \\ \hline \end{tabular} Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Rou intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } & \multicolumn{4}{|c|}{ Merchandise Inventory } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline \multirow[t]{4}{*}{x} & & & & x & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & End. Bal & & & \\ \hline \multicolumn{8}{|l|}{ End. Bal } \\ \hline \multicolumn{4}{|c|}{ Common Stock } & \multicolumn{4}{|c|}{ Retained Earnings } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \multicolumn{4}{|c|}{ Sales Revenue } & \multicolumn{4}{|c|}{ Cost of Goods Sold } \\ \hline \multirow[t]{2}{*}{ Beg. Bal } & & & & Beg. Bal & & & \\ \hline & & x & x & x & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \multicolumn{4}{|c|}{ Salaries Expense } & \multicolumn{4}{|c|}{ Income Tax Expense } \\ \hline Beg. Bal & & & & Beg. Bal & & & \\ \hline x & & & & x & & & \\ \hline End. Bal & & & & End. Bal & & & \\ \hline \end{tabular} Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and jur final answers to the nearest whole dollar n.)