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, especially considering I have another 4 pages of this stuff and this is the shortest problem. Also if I could receive assistance on how to analyze the bottom transactions, that would be great too. Thank you!

As a side note, I just posted this question a couple of hours ago. I sadly forgot to include the rest of the the page so the information provided seemed somewhat confusing. Sorry about that whoever answered the first time, here it is again. Thanks in advance!

You have just landed at temporary assignment at small retail company in your area. The accountant, who had completed the books through the end of November, went out on matenity leave during the first week of December The task you have been given is to take the ending Trial Balance for Nowember, 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 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 inventoryor 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 December 11-01 begin with 500 units $22.00each 11 03 sold 250 units 535.00 each 11-05 purch 500 units $23.00 each 11-10 sold 250 units@ 536.00 each 11-15 purch 450 units$26.00 each 11-19 purch 300 units @28.00 each 11 23 sold 200 units S37.00 each 11 29 purch 300 units$30.00 cach 12-01 begin with 1,350 units$36,000 12-0 sold 350 units 538.00 cach 12-10 purch 500 units $29.00 each 12 13 sold 600 units$40.00 cach 12-18 purch 600 units $31.00 each 12 20 sold 600 units$41.00 cach 12-21 purch 400 units $30.00 each 12 24 sold 550 units$42.00 cach Continued During December, supplics purchased totaled $1,100. A physical count showed that there were 51,850 remaining at the end of the year. Paid $22,000 towards accounts payable; reccived 5500 in discounts for prompt payment. The company will also distribute $15,000 to the owners of the business. Use the November 30th trial balance shown on the workshoet (pagc 4) for beginning balances and other Prepare the necessary adjusting entry It was discovered that the insurance was renewed on December 1st; coverage will cost $6,720 for the next 12 months, Prepare the necessary entries. information. You may wish to complete the December worksheet before preparing the financial statements. Collected $18,500 in cash from previous sales on credit. Those customers received $350.00 in discounts. Continued Trial Balance ustments d Trial Balance Income Statement Balance Sheet Account Titlle Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 27,200 8,720 6,000 2.200 cash accounts receivable id insurance 50,000 75,000 30,200 0,000 18,900 accounts payable id-in Gapita retained ea 259,710 sales sales discounts sales return/allowance cost of salaries expense 23,650 118,800 32,230 4,200 5,500 9,020 11,000 6,930 4,620 3,740 insurance advertising expense utilities lles expense net Income