Accounting Cycle Review 6 a-c, d1-d2, e-f On December 1, 2019, Matthias Company had the account balances shown below. Debit Cash Accounts Receivable Inventory Equipment $4,800 4,200 1,680* 21,800 $32,480 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,500 3,000 19,700 8,280 $32,480 *(2,800 x $0.60) The following transactions occurred during December Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.67 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,300 of the s0.67.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $180. These units were returned to inventory. 17 Purchased 2,100 units of inventory for cash at $0.80 each. 22 Sold 2,300 units of inventory on account for $0.95 per unit. (Matthias sold 2,300 of the $0.67 units.) Adjustment data: 1. Accrued salaries payable $380. 2. Depreciation $190 per month. * Your answer is incorrect. Try again. Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. 2128 Ending Inventory 3912 Cost of Goods Sold su SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT X Your answer is incorrect. Try again. Compute ending inventory and cost of goods sold under LIFO, assuming Matthias Company uses the periodic inventory system. 1620 Ending Inventory s 4420 Cost of Goods Sold se