Question: Please help with anything thats wrong as well as the chart that is not filled in. The accounting records of Wall's China Shop reflected the



The accounting records of Wall's China Shop reflected the following balances as of January 1 , Year 2: The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ \$90 2. Second purchase (cash) 205 units @ \$98 3. Sales (all cash) 350 units @ $194 4. Paid $13,200 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LFO cost flow, and (3) weighted-average cost flow. b. Usea vertical model to show the Year 2 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.) Use a vertical model to show the Year 2 balance sheet under FIFO, LFO, and weighted average. (Do not round intermediate calculations. Round your aniswers to nearest whole dollar amount.) Use a vertical model to show the Year 2 statement of cash flows under FIFO, LFO, and weighted average. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign.)
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