Transcribed Image Text
In: AccountingThe accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016:...The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016: Cash$19,100 Beginninginventory14,260 (155units @ $92) Commonstock15,000 Retainedearnings18,360 The following five transactions occurred in 2016:1.First purchase (cash) 120 units@ $942.Second purchase (cash) 205 units@ $1023.Sales (all cash) 425 units @$1864.Paid $15,100 cash for salariesexpenses.5.Paid cash for income tax at therate of 40 percent of income before taxes.Record the five transactions ingeneral journal form and post to T-accounts assuming (1) FIFO costflow, (2) LIFO cost flow, and (3) weighted-average cost flow.Assume perpetual inventory system is used. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Round intermediate calculations to 3decimal places. Round your final answers to the nearest wholedollar amount.)