The accounting records of Walls China Shop reflected the following balances as of January Year :Cash$ Beginning inventory units @ $Common stock Retained earnings The following five transactions occurred in Year :First purchase cash units @ $Second purchase cash units @ $Sales all cash units @ $Paid $ cash for salaries expense.Paid cash for income tax at the rate of percent of income before taxes.RequiredCompute the cost of goods sold and ending inventory, assuming FIFO cost flow LIFO cost flow and weightedaverage cost flowUse a vertical model to show the Year income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Hint: Record the events under an accounting equation before preparing the statements.Req A
Req B
Req B
Req B
Compute the cost of goods sold and ending inventory, assuming
FIFO cost flow
LIFO cost flow and
weightedaverage cost flow
Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount.
tableFIFO,LIFO,tableWeightedAverageCost of goods sold,$Ending inventory,$
