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The following five transactions occurred in Year 2: 1. First purchase (cash): 120 units @ $95 2. Second purchase (cash): 200 units @ \$103 3. Sales (all cash): 430 units @$195 4. Paid $15,200 cash for salarles expenses 5. Paid cash for Income tax at the rate of 40 percent of Income before taxes Requlred a. Compute the cost of goods sold and ending Inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cC 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 IIsted. Assume perpetual Inventory system is used. 1. FlFO 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.) Complete this question by entering your answers in the tabs below. 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.) Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 23456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in T-accounts assuming weighted-average 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.) a. Compute the cost of goods sold and ending Inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cos 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. 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 dollar amount.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar The following five transactions occurred in Year 2: 1. First purchase (cash): 120 units @ $95 2. Second purchase (cash): 200 units @ \$103 3. Sales (all cash): 430 units @$195 4. Paid $15,200 cash for salarles expenses 5. Paid cash for Income tax at the rate of 40 percent of Income before taxes Requlred a. Compute the cost of goods sold and ending Inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cC 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 IIsted. Assume perpetual Inventory system is used. 1. FlFO 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.) Complete this question by entering your answers in the tabs below. 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.) Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 23456 Record first purchase of merchandise inventory for cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in T-accounts assuming weighted-average 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.) a. Compute the cost of goods sold and ending Inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cos 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. 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 dollar amount.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar

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