College Coasters is a San Diego-based merchandiser specializing in logo adomed drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash Accounts Receivable $8,500 1,000 Inventory 450 Prepaid Rent 540 Equipment 730 Accumulated Depreciation 110 Accounts Payable 1,200 Salaries and Mages Payable 300 Income Taxes Payable Common Stock 6,200 Retained Earnings 3,000 Sales Revenue 13,600 Cost of Goods Sold 8,630 Rent Expense 990 Salaries and Wages Expense 1,600 Depreciation Expense 110 " 1,200 Income Tax Expense Office Expense The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its 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.