Compute ending inventory and cost of goods sold under FIFO and average-cost, assuming Cambridge uses the periodic inventory system.

On December 1, 2020, Cambridge Printers had the account balances shown below.

	Debit		Credit
Cash	4,650	Accumulated Depreciation Equipment	1,500
Accounts Receivable	3,900	Accounts Payable	3,000
Inventory	1,950 (3,000 x 0.65)	Owners Capital	27,000
Equipment	21,000
	31,500		31,500

The following transactions occurred during December.

December 3: Purchased 4,000 units of inventory on account at a cost of 0.72 per unit.

December 5: Sold 4,400 units of inventory on account for 0.92 per unit. (It sold 3,000 of the 0.65 units and 1,400 of the 0.72.).

December 7: Granted the December 5 customer 184 credit for 200 units of inventory returned costing 144. These units were returned to inventory.

December 17 Purchased 2,200 units of inventory for cash at 0.78 each.

December 22 Sold 2,000 units of inventory on account for 0.95 per unit. (It sold 2,000 of the 0.72 units.)

Adjustment data: 1) Accrued salaries payable 400. 2) Depreciation 200 per month.