Problem 5-33 Effect of different inventory cost flow methods on financial statem

Problem 5-33 Effect of different inventory cost flow methods on financial statementsThe accounting records of Clear Photography Inc. reflected the following balances as ofJanuary 1 2012:Cash $18000Beginning inventory 13500 (150 units @ $90)Common stock 15000Retained earnings 16500The following five transactions occurred in 2012:1. First purchase (cash) 120 units @ $922. Second purchase (cash) 200 units @ $1003. Sales (all cash) 300 units @ $1854. Paid $15000 cash for operating expenses.5. Paid cash for income tax at the rate of 40 percent of income before taxes.Requireda. Compute the cost of goods sold and ending inventory assuming (1) FIFO cost flow (2) LIFOcost flow and (3) weighted-average cost flow.