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 Cash $9,800 Accounts Receivable. 1,820 Inventory 400 Prepaid Rent 540 Equipment 790 Accumulated Depreciation. 90 Accounts Payable 1,340 Salaries and wages Payable 300 Income Taxes Payable 0 Common Stock 5,300 Retained Earnings 2,500 16,830 8,639 990 Salaries and Wages Expense 2,000 90 0 1,300 Sales Revenue Cost of Goods Sold: Rent Expense Depreciation Expense 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 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. 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.