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

On December 1, 2022, Matthias Company had the following account balances. (3,000$0.60) The following transactions occurred during December. Dec. 3 Purchased 4,100 units of inventory on account at a cost of $0.66 per unit. 5 Sold 4,500 units of inventory on account for $1.00 per unit. (Matthias sold 3,000 of the $0.60 units and 1,500 of the $0.66. 7 Granted the December 5 customer $100 credit for 100 units of inventory returned costing $72. These units were returned to inventory. 17 Purchased 2,500 units of inventory for cash at $0.70 each. 22 Sold 2,200 units of inventory on account for $1.05 per unit. (Matthias sold 2,200 of the $0.66 units.) Prepare an adjusted trial balance as of December 31, 2022. MATTHIAS COMPANY Income Statement For the Month Ending December 31, 2022 Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Expense Depreciation Expense Total Operating Expenses Net Income / (Loss) $ 6710 Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold