Q connect mcgraw-hill - Search x Question 1 - Chapter 5 Quiz - Co x X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti.. A Q to G ... Chapter 5 Quiz i Saved Help Save & Exit Submit The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash $ 18, 400 Beginning inventory 18, 040 (205 @ $88) Common stock 14, 500 Retained earnings 21, 940 20 The following five transactions occurred in Year 3: points 1. First purchase (cash): 125 units @ $90 2. Second purchase (cash): 205 units @ $98 3. Sales (all cash): 360 units @ $200 4. Paid $16,050 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. Compute the income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint. Record the events under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint. Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 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. Req A Req B1 Req B2 Req B3 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. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. FIFO LIFO Weighted Average Cost of goods sold Ending inventory ED Mc Graw Hill 72.F 9:11 PM Cloudy 10/24/2022 43