Adjustment data:

1.		Accrued salaries and wages payable $490.
2.		Depreciation on equipment $180 per month.

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

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Comprehensive Problem 6 (Part Level Submission) On December 1, 2014, Seattle Company had the account balances shown below Debits Cash Accounts Receivable Inventory (3,500 x $0.56) Equipment Credits $6,810 Accumulated Depreciation-Equipment $1,220 2,810 21,500 8,800 $34,330 3,960 Accounts Payable 1,960 Common Stock 21,600 Retained Earnings $34,330 The following transactions occurred during December Dec. 3 Purchased 4,600 units of inventory on account at a cost of $0.75 per unit. 5 Sold 5,000 units of inventory on account for $0.91 per unit. (It sold 3,500 of the $0.56 units and 1,500 of the $0.75.) 7 Granted the December 5 customer $182 credit for 200 units of inventory returned costing $110. These units were returned to inventory 17 Purchased 2,200 units of inventory for cash at $0.82 each 22 Sold 2,000 units of inventory on account for $0.97 per unit. (It sold 2,000 of the $0.75 units.)