Financial Accounting Help With Project! Hello, I am having some trouble with the first page of my homework for my financial accounting class. I am having some trouble analyzing the differences between LIFO and FIFO in this specific question and how exactly I begin and end the question. Any help on this problem so I can refresh my memory after being gone over spring break would absolutely help a ton! Also if I could receive assistance on how to analyze the bottom three transactions, that would be great too. Thank you!

You have just landed at temporary assignment at a small retail company in your area. The accountant, who had completed the books through the end of November, went out on maternity leave during the first week of December. The task you have been given is to take the ending Trial Balance for November, prepare December transactions and adjustments, prepare the December financials, and close the books The manager of the company has indicated that salaries, rent and depreciation for December are the same as the 11 months preceding (employees are paid at the end of the month). Additional transaction information follows December Advertising $900 December Communications$500 December Utilities $700 The manager is pretty sure that they use LIFO for inventory, but it could be FIFO. Given the November transactions, determine which of the two methods is used. Then, use that same method to value ending inventory for December. Compute December Sales and Cost of Goods Sold, as well, and prepare the journal entries. Assume all inventory purchases are on credit. Also assume 80% of Sales are credit sales and the rest are for cash November 11-01 11-03 11-05 11-10 11-15 11-19 11- 23 11- 29 December 12-01 12- 04 12-10 12-13 12-18 12- 20 12-21 12 - 24 begin with 500 units @$22.00 each sold 250 units@ $35.00 each purch 500 units @ $23.00 each begin with 1,350 units @$36,000 sold 350 units@$38.00 each purch 500 units @$29.00 each sold 250 units $36.00 each sold 600 units $40.00 each purch 600 units @$31.00 each sold 600 units @$41.00 each purch 400 units @ $30.00 each sold 550 units @ $42.00 each purch 450 units @ $26.00 each purch 300 units $28.00 each sold 200 units@ $37.00 each purch 300 units@ $30.00 each During December, supplies purchased totaled $1,100. A physical count showed that there were $1,850 remaining at the end of the year. Prepare the necessary adjusting entry It was discovered that the insurance policy was renewed on December 1st; coverage will cost $6,720 for the next 12 months. Prepare the necessary entries Collected $18,500 in cash from previous sales on credit. Those customers received $350.00 in discounts