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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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