Cash		$6,500		Accumulated DepreciationEquipment		$1,400
Accounts Receivable		3,800		Accounts Payable		2,900
Inventory		1,700	*	Common Stock		22,000
Equipment		20,200		Retained Earnings		5,900
		$32,200				$32,200

^*(3,400 x $0.50) The following transactions occurred during December.

Dec. 3		Purchased 4,500 units of inventory on account at a cost of $0.70 per unit.
5		Sold 4,900 units of inventory on account for $0.92 per unit. (Blue sold 3,400 of the $0.50 units and 1,500 of the $0.70.)
7		Granted the December 5 customer $276 credit for 300 units of inventory returned costing $184. These units were returned to inventory.
17		Purchased 2,100 units of inventory for cash at $0.80 each.
22		Sold 2,000 units of inventory on account for $0.96 per unit. (Blue sold 2,000 of the $0.70 units.)

(e) Compute ending inventory and cost of goods sold under FIFO, assuming Blue Company uses the periodic inventory system.

Ending Inventory		$
Cost of Goods Sold		$

(f) Compute ending inventory and cost of goods sold under LIFO, assuming Blue Company uses the periodic inventory system.

Ending Inventory		$
Cost of Goods Sold		$