On December 1, 2022, Matthias Company had the following account balances. Cash $4,300 Accumulated Depreciation-Equipment $1,600 Accounts Receivable 4,100 Accounts Payable 3,100 Inventory 1,080 (2,800 x $0.60) Common Stock 20,600 Equipment 22,900 Retained Earnings 7,680 Total debit/credit:$32,980 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.77 per unit. Dec 5. Sold 4,500 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,700 of the $0.77.) Dec 7. Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory. Dec 17 Purchased 2,500 units of inventory for cash at $0.80 each. Dec 22 Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.77 units.) Adjustment data:Accrued salaries payable $430.Depreciation $210 per month. What is the the ending inventory and cost of goods sold under LIFO. The Matthias Company uses the periodic inventory system.
On December 1, 2022, Matthias Company had the following account balances.
Cash $4,300
Accumulated Depreciation-Equipment $1,600
Accounts Payable 3,100
Inventory 1,080 (2,800 x $0.60)
Common Stock 20,600
Equipment 22,900
Retained Earnings 7,680
Total debit/credit:$32,980
The following transactions occurred during December.
Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.77 per unit.
Dec 5. Sold 4,500 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,700 of the $0.77.)
Dec 7. Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory.
Dec 17 Purchased 2,500 units of inventory for cash at $0.80 each.
Dec 22 Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.77 units.)
Adjustment data:
Accrued salaries payable $430.
Depreciation $210 per month.
What is the the ending inventory and cost of goods sold under LIFO. The Matthias Company uses the periodic inventory system.
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