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The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018:
Cash$80,100
Beginning inventory 33,000(220 units @ $150)
Common stock 50,000
Retained earnings 63,100
The following five transactions occurred in 2018:
Required
Question 1: 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.
Question 2: 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.)
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