Compute the cost of goods sold and ending inventory


The accounting records of Carrol's Lamp Shop reflected the following balances as of January 1, 2014:

The following five transactions occurred in 2014:
1. First purchase (cash) 125 units @ $94
2. Second purchase (cash) 200 units @ $102
3. Sales (all cash) 365 units @ $197
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. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.)

b(1). Use a vertical model to prepare the 2014 income statement under FIFO, LIFO, and weighted average.(Do not round intermediate calculations and round your answers to nearest whole dollar amount.)

B(2). Use a vertical model to prepare the 2014 balance sheet under FIFO, LIFO, and weighted average. (Do not round intermediate calculations and round your answers to nearest whole dollar amount.)

Use a vertical model to prepare the 2014 statement of cash flows under FIFO, LIFO, and weighted average. (Do not round intermediate calculations and round your answers to nearest whole dollar amount. Amounts and amounts to be deducted should be indicated with a minus sign.)

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Financial Accounting: Compute the cost of goods sold and ending inventory
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