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Accounting Cycle Review 6 a-f On December 1, 2020, Vaughn Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,000 4,400 1,920* 21,000 $32,320 Accumulated Depreciation Equipment Accounts Payable Owner's Capital Credit $1,200 3,800 27,320 $32,320 *(3,200 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.) 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.) Adjustment data: 1. Accrued salaries payable $300. 2. Depreciation $240 per month. x Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold Your answer is partially correct. Try again. Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) VAUGHN COMPANY Balance Sheet For the Year Ended December 31, 2020 Assets Current Assets Cash Accounts Receivable Inventory Property, Plant and Equipment X PX Liabilities and Owner's Equity Current Liabilities DO U