Award: $20\mathrm{.}00$ points

College Coasters is a San Diego$-$based merchandiser specializing in logo$-$adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December $1.$

inventory using perpetual inventory accounts and the FIFO cost flow method.

During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.

a$.$ Purchased $500$ coasters on account from the regular supplier on $\frac{12}{1}$ at a unit cost of $$0\mathrm{.}52,$ with terms of $\frac{n}{60}.$

b$.$ Purchased $900$ coasters on account from the regular supplier on $\frac{12}{2}$ at a unit cost of $$0\mathrm{.}55,$ with terms of $\frac{n}{60}.$

c$.$ Sold $1,700$ coasters on account on $\frac{12}{3}$ at a unit price of $$1\mathrm{.}10.$

d$.$ Collected $$940$ from customers on account on $\frac{12}{4}.$

e$.$ Paid the supplier $$1,280$ cash on account on $\frac{12}{18}.$

f$.$ Paid employees $$490$ on $\frac{12}{23},$ of which $$250$ related to work done in November and $$240$ was for wages up to $22$

g$.$ Loaded $90$ coasters on a cargo ship on $12/31$ to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n$/60.$

Other relevant information includes the following at $12/31$:

h$.$ College Coasters has not yet recorded $$180$ of office expenses incurred in December on account.

i$.$ The company estimates that the equipment depreciates at a rate of $$9$ per month. One month of depreciation needs to be recorded.

j$.$ Wages for the period from December $23-31$ are $$100$ and will be paid on January $15.$

$k.$ The $$540$ of Prepaid Rent relates to a six$-$month period ending on May $31$ of next year.

I. The company incurred $$700$ of income tax but has made no tax payments this year.

$m.$ No shrinkage or damage was discovered when the inventory was counted on December $31.$

$n.$ The company did not declare dividends and there were no transactions involving common stock.