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New Tab Connect C connect.htrri I https://new cor Down nad music, Secure ::: Apps Ro k marks m- RU Usemame Rlackboard earn The Ricklist Watch O "atm Ma es Onlir HRU Port -Top 100 M ies of A How to DrortNate To TH2 w r Rase l my it Chap 5 Prob 5-32 G Help Save & Exit Submit Check my work The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018 Cash $18,0a0 10 Beginning inventory Conmon stock 1,4e (218 units $BB) 14,40e 22,080 points Retained carnings cBook The following five transactions occurred in 2018: 1. First purchase (cash) 115 units$90 2. Second purchase (cash) 205 units $98 3. Sales (all cash) 355 units $195 4. Pald S14,250 cash for salarles 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. 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.) Prey 1 of 1 Next Hill 1:15 AM O Type here to search ^ ENG 11/10/2011

Explanation / Answer

a.

Wall's China Shop

Income Statements

For the year ended December 31, 2018

Wall's China Shop

Balance Sheet

December 31, 2018

Wall's China Shop

Statements of Cash Flows

For the year ended December 31, 2018

FIFO LIFO Weighted Average $ $ $ Cost of Goods Sold 31,770 33,520 32,767.17 Ending Inventory ( 175 units) 17,150 15,400 16,152.83 Income Tax Expense 5,801.25 5,363.75 5,551.96

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