Question: Please show workflow if its not too much trouble. Thank you The accounting records of Wall's China Shop reflected the following balances as of January
Please show workflow if its not too much trouble. Thank you



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) 125 units @ \$89 2. Second purchase (cash) 200 units @ \$97 3. Sales (all cash) 365 units @ \$194 4. Paid $15,200 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) LIFO cost flow, and (3) weighted-average cost flow. b. Use a 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.) 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. b. Use a 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.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and weighted average. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average co flow. b. Use a 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.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weighted average. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign. 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) 125 units @ \$89 2. Second purchase (cash) 200 units @ \$97 3. Sales (all cash) 365 units @ \$194 4. Paid $15,200 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) LIFO cost flow, and (3) weighted-average cost flow. b. Use a 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.) 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. b. Use a 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.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, and weighted average. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average co flow. b. Use a 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.) Complete this question by entering your answers in the tabs below. Use a vertical model to show the Year 2 statement of cash flows under FIFO, LIFO, and weighted average. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated with a minus sign
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
