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The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units e $150) 50,000 63,100

The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units e $150) 50,000 63,100

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.10.4MBA
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The following five transactions occurred in 2018:

  1. First purchase (cash) 150 units @ $155
  2. Second purchase (cash) 160 units @ $160
  3. Sales (all cash) 410 units @ $320
  4. Paid $38,000 cash for salaries expense
  5. Paid cash for income tax at the rate of 25 percent of income before taxes

What is weighted average cost of goods sold, ending inventory, and income tax expenses amount?

The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units e $150) 50,000 63,100
Transcribed Image Text:The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash Beginning inventory Common stock Retained earnings $80,100 33,000 (220 units e $150) 50,000 63,100
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