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Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units 3150) se, een 63,10...

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Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units 3150) se, een 63,10 Ook The following five transactions occurred in Year 2 1. First purchase (cash) 150 units @ $155 2. Second purchase (cash) 160 units @ $160 3. Sales (all cash): 410 units @ $320 4. Paid $38,000 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes rences 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 (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted average cost flow. 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

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