Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system.

Ending Inventory __________$?

Costs of Goods Sold ________$?

Project 2 Question 1 of 2 - 71 III Debit Credit Cash $5,200 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 3,500 Accounts Payable 3,100 Inventory 1,740 Common Stock 22,000 Equipment 22,400 Retained Earnings 6,340 $32,840 $32,840 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 2,900 of the $0.60 units and 1,300 of the $0.78.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory. 17 Purchased 2,100 units of inventory for cash at $0.80 each. 22 Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.78 units.)