Comprehensive Accounting Cycle Review 6 On December 1, 2017, Oriole Company had the account balances shown below Debits Cash Accounts Receivable Inventory (2,800 x $0.60) Equipment Credits $4,390 Accumulated Depreciation-Equipment $1,620 3,250 10,300 14,420 $29,590 4,220 Accounts Payable 1,680 Common Stock 19,300 Retained Earnings $29,590 The following transactions occurred during December. Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,200 units of inventory on account for $1.00 per unit. (It sold 2,800 of the $0.60 units and 1,400 of the $0.72.) 7 Granted the December 5 customer $200 credit for 200 units of inventory returned costing $170. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each 22 Sold 2,000 units of inventory on account for $0.87 per unit. (It sold 2,000 of the $0.72 units.) Adjustment data 1. Accrued salaries and wages payable $410 2. Depreciation on equipment $190 per month 3. Income tax expense was $200, to be paid next year (a) Compute ending inventory and cost of goods sold under FIFO, assuming Oriole Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold s (b) Compute ending inventory and cost of goods sold under LIFO, assuming Oriole Company uses the periodic inventory system Ending Inventory Cost of Goods Sold