Comprehensive Accounting Cycle Review ACR6 On December 1, 2022, Waylon Company had the account balances shown below. Debit Credit Cash $ 4,800 Accumulated Depreciation-Equipment $ 1,500 Accounts Receivable 3.900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000 $31,500 $31,500 (3,000 $0.60) The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,400 units of inventory on account for $0.90 per unit. (Waylon sold 3,000 of the $0.60 units and 1,400 of the $0.72.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. 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 $0.95 per unit. (Waylon sold 2,000 of the $0.72 units.) Adjustment data: 1. Accrued salaries and wages payable $400. 2. Depreciation on equipment $200 per month. 3. Income tax expense was $215, to be paid next year e. Compute ending inventory and cost of goods sold under FIFO, assuming Waylon Company uses the periodic inventory system. f. Compute ending inventory and cost of goods sold under LIFO, assuming Waylon Company uses the periodic inventory system