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Problem 5-19B Efect of different inventory cost flow methods on financial statements The accounting records of Octavia's Flower Shop reflected the following balances as of January 1. Year 3 LO 5-1 CHECK FIGURES a. Cost of Goods Sold FIFO: $58.325 b. Net Income LIFO: $18,340 Cash Beginning inventory Common stock Retained earnings $92,500 36,000 (225 units @ $160) 60,000 68,500 The following five transactions occurred in Year 3: 1. First purchase (cash): 130 units@S140 2. Second purchase (cash): 180 units @ $165 3. Sales (all cash): 380 units$335 4. Paid $42,000 cash for salaries expense 5. Paid cash for income tax at the rate of 30 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weightedaverage cost flow. Compute the income tax expense for each method. b. Prepare the Year 3 income statement, balan ce sheet, and statement of cash flows under FIFO LIFO, and weighted average. (Hint: Record the events under an accounting equation before prepar- ing the statements.)