Background information: Campbell Inc., a retailer, began operations on October 1, 2022, and entered into the following transactions for the month ended October 31, 2022. Transactions: October 1: Campbell's owners invested $40,000 cash into the business in exchange for common stock. October 1: Purchased equipment for $7,500 cash October 2: Campbell prepaid four months of rent for $16,000 cash. October 2: Purchased 800 units of inventory for $10/unit on account. October 6: Sold 350 units of inventory to customers. Customers paid $15/unit in cash. October 8: Paid suppliers $5,000 for inventory previously purchased. October 9: Purchased office supplies valued at $2,000 on account. October 12: Purchased 300 units of inventory for $12/unit with cash October 16: Paid employee salaries of $2,000 October 20: Sold 400 units of inventory for $16/unit on account. October 21: Paid suppliers $1,000 for inventory previously purchased on account. October 23: customers paid $3,400 for amounts due on their accounts. October 26: Sold 100 units of inventory for $16/unit. Customers paid cash for their purchases. October 29: Paid suppliers $600 for supplies previously purchased on account. October 31: Sold $3,000 in gift certificates to customers. October 31: Purchased 250 units of inventory for $13/unit on account. Additional information: Campbell prepares monthly financial statements. Campbell depreciates all depreciable fixed assets using the straight-line method and assumes a five-year useful life with no salvage value. Campbel determines COST OF GOODS SOLD at the end of the fiscal period based on the number of units that remain in inventory and uses the FIFO method of inventory costing. Campbell counted 300 units in its inventory on October 31. Additionally, Campbell determined that supplies valued at $500 remained on hand at the end of October. Campbell uses the percentage of sales method to estimate bad debts, and it estimates that 5% of credit sales will ultimately go uncollected. Campbell incurred $2,250 of salaries in October that will be paid in November.