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survey of accounting question

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The following five transactions occurred in 2018 nts 1. First purchase (cash) 115 units @ $90 2. Second purchase (cash) 195 units @ $98 3. Sales (all cash) 365 units @ $193 4. Paid $13,050 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes 8 03:2701 Required eBook 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. Use a vertical model to show the 2018 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 B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO COS average cost flow. Compute the income tax expense for each method. (Do no answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of goods sold Ending inventory