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I need help on Instructions A through F ehensive Accounting Cycle Review ACR6 On December 1, 2022, Waylon Company had the account balances shown below.

I need help on Instructions A through F image text in transcribed
ehensive Accounting Cycle Review ACR6 On December 1, 2022, Waylon Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $ 4,800 3.900 1,800 21.000 $31,500 Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Credit $ 1,500 3,000 10,000 17.000 $31.500 "(3,000 X 50.60) The following transactions occurred during December Dec. 3 5 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit. Sold 4,400 units of inventory on account for $0.90 per unit. (Waylon sold 3,000 of the $0.60 units and 1.400 of the $0.72.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory. Purchased 2.200 units of inventory for cash at $0.80 each. Sold 2,000 units of inventory on account for $0.95 per unit. (Waylon sold 2.000 of the S0.72 units.) Adjustment data: 1. Accrued salaries and wages payable $400. 2. Depreciation on equipment $200 per month. 3. Income tax expense was $215, to be paid next year. Instructions a Journalize the December transactions and adjusting entries, assuming Waylon uses the perpetual inventory method. b. Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Income Taxes Payable, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, and Income Tax Expense. c. Prepare an adjusted trial balance as of December 31, 2022 d. Prepare an income statement for December 2022 and a classified balance sheet at December 31, 2022 e. Compute ending inventory and cost of goods sold under FIFO, assuming Waylon Company uses the periodic inventory system. f. Compute ending inventory and cost of goods sold under LIFO, assuming Waylon Company uses the periodic inventory system

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