The accounting records of Wall's China Shop reflected the following balances as of January Year
The following five transactions occurred in Year
First purchase cash units @ $
Second purchase cash units @ $
Sales all cash units @ $
Pald $ cash for salarles expense
Pald cash for Income tax at the rate of percent of Income before taxes
Required
a Compute the cost of goods sold and ending Inventory. assuming FIFO cost flow, LIFO cost flow, and welghtedaverage cost
flow.
b Use a vertical model to show the Year Income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and
welghted average. Hint: Record the events under an accounting equation before preparing the statements.
Complete this question by entering your answers in the tabs below.
Compute the cost of goods sold and ending inventory, assuming FIFO cost flow, LFO cost flow, and weighted
average cost flow. Do not round intermediate calculations. Round your answers to nearest whole dollar amount.
