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Cullumber Production Ltd . is a Vancouver - based furniture manufacturer. The company reported the following information on its trial balance for 1 1 months

Cullumber Production Ltd. is a Vancouver-based furniture manufacturer. The company reported the following information on its trial balance for 11 months of the year ended November 30,2021. Cullumber reported the following transactions for the month of December. The company uses a perpetual inventory system and owned 10,000 units of inventory on December 1.
Dec. 1 Received $311,370 on account from a major customer.
1 Paid $14,460 in rent for the month of December.
4 Paid $352,950 owing to a supplier from a purchase made in November.
6 Sold 4,500 units of merchandise to a Canadian furniture retailer for $2,101,500 on credit, FOB shipping point.
15 Purchased 5,680 units of merchandise from a supplier at a cost of $295 per unit on credit, FOB shipping point.
18 Paid salaries of $130,800.
21 Sold 7,470 units of merchandise for $3,525,840 on account, FOB shipping point.
24 Paid $32,200 for advertising expenses incurred in the month.
27 Purchased 5,420 units of inventory from a supplier at a cost of $272 per unit on credit, FOB shipping point.
Adjustment and additional data:
1. Accrued $6,040 for utilities and $134,650 for salaries.
2. Accrued $6,380 of interest on the bank loan.
3. Recorded annual depreciation on equipment, which has an expected useful life of eight years.
4. Carried out a physical inventory and determined that inventory with a cost of $2,563,400 was on hand in Cullumber Productions warehouse. The physical inventory correctly accounted for goods in transit and there were no goods on consignment.
5. After adjusting the inventory to the cost determined at the count of $2,563,400, determined that some of this inventory had a net realizable value that was $2,000 lower than its cost.
6. Recorded an additional $105,480 of income tax payable.
Instructions
1. Record the December transactions. The company uses the FIFO cost formula.
2. Set up T accounts, enter any opening balances, and post the general journal entries prepared in part (a).
3. Prepare an unadjusted trial balance at December 31.
4. Record and post the December adjusting entries, assuming the company records adjusting entries annually.
5. Prepare an adjusted trial balance at December 31.
6. Prepare (1) a multiple-step statement of income, (2) a statement of changes in equity, and (3) a statement of financial position for the year ended December 31.
7. Record and post the closing journal entries.
8. Prepare a post-closing trial balance as at December 31.
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