Accounting Cycle Review 6 a- f On December 1, 2020, Bonita Company had the account balances shown below.

Debit Credit Cash $5,300 Accumulated DepreciationEquipment $1,300 Accounts Receivable 4,000 Accounts Payable 3,600 Inventory 2,760* Owners Capital 30,160 Equipment 23,000 $35,060 $35,060

*(4,600 x $0.60)

The following transactions occurred during December:

Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,300 units of inventory on account for $0.90 per unit. (Bonita sold 4,600 of the $0.60 units and 700 of the $0.74.) 7 Granted the December 5 customer $150 credit for 200 units of inventory returned costing $100. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 3,600 units of inventory on account for $0.95 per unit. (Bonita sold 3,600 of the $0.74 units.)

Adjustment data:

1. Accrued salaries payable $400. 2. Depreciation $400 per month.

(e)

Compute ending inventory and cost of goods sold under FIFO, assuming Bonita Company uses the periodic inventory system.

Ending Inventory $Entry field with incorrect answer 2360 Cost of Goods Sold $Entry field with incorrect answer 5792

(f)

Compute ending inventory and cost of goods sold under LIFO, assuming Bonita Company uses the periodic inventory system.

Ending Inventory $Entry field with incorrect answer Cost of Goods Sold $Entry field with incorrect answer 6312