It is now November 2022 and your business is growing quickly and the results have been quite successful. Your business has purchased more equipment. It has also added another revenue stream: selling juicing machines to the public. You have a friend at Morton Manufacturing that has agreed to sell you high-quality juicing machines at a wholesale price so you can sell them to the public at a profit. The business has the following trial balance as at November 30, 2022 (also available in Excel template): Name of Your Business Adjusted Trial Balance November 30, 2022 4,545 1,575 2,700 265 7,350 1,825 125 875 110 Cash 130 Accounts receivable 135 Merchandise inventory 140 Supplies 160 Equipment 161 Accumulated depreciation 210 Accounts payable 230 Unearned revenue 240 Wages payable 245 Interest payable 260 Notes payable 310 capital 320 drawings 410 Sales revenue 505 Cost of goods sold Advertising expense 515 Depreciation expense Interest expense 540 Repairs expense 550 Supplies expense 563 Telephone expense 570 Wages expense 20 6,000 10,250 4,895 13,850 508 7,450 780 1,675 290 527 95 315 335 Totals 675 32,945 32,945 Notes: The $2,700 merchandise inventory balance is comprised of 4 juicing machines that cost $675 each. The notes payable is to the bank and interest is paid on the 1st day of each month (ie. expensed and accrued at the end of each month, then paid the following day). You paid off the loan to your mother early in 2022. The following transactions happen during the month of December, 2022: Dec 1 You paid the November interest owing on the bank loan. You issued cheque #317. 2 You collected $765 cash from a customer, on account, to whom you had previously sold a juicing machine. 9 You paid the November 30 balance of accounts payable. You issued cheque #318. 11 You purchased, on account, 3 more juicing machines for $685 each (excluding freight). The purchase invoice also included a $45 freight charge for the cost of transporting the machines from the vendor to your place. (Hint - you paid both the cost of the machines and the cost of the freight to the supplier. The cost per unit for these items will be the total invoice amount divided by the number of units). NOTE: You should update the Inventory Worksheet for each purchase and sale transaction (using FIFO). 12 You buy $195 of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account. (These are not inventory' items). 14 You sold, on account, 2 juicing machines to Bill's Fitness for $940 each. You will use the FIFO method of recording inventory transactions. 21 You make and deliver a batch of juice drinks to Fred's Yoga Studio and you issue a sales invoice of $415. The invoice is payable in 30 days. 23 You paid the amount owing on the December 11 purchase. You issued cheque #319. 27 You purchased, on account, 2 more juicing machines for $695 each (excluding freight). The purchase invoice also included a $30 freight charge for the cost of transporting the machines from the vendor to your place. (see Hint in Dec. 11 transaction) 28 You paid $105 cash for repairs done to some equipment. You issued cheque #320. 29 You sold, on account, 3 juicing machines to the owners of City Contemporary Dance Studio. The selling price of each machine was $940. 30 You received a $115 e-bill for your business cell phone service for December and you paid it immediately. You issued cheque #321. 31 You collected the full amount from the customer who purchased juicing machines on on Dec. 14. You paid a casual worker $85 cash for wages for work done in December. You issued cheque #322. 31 . Prepare the FIFO inventory worksheet to determine the cost of goods sold and ending inventory resulting from the inventory purchases and sales noted in the transactions above. You will need the cost of goods sold from the worksheet to complete the journal entry for the sales on December 14th and 29th. HINT: Be sure you research how to properly account for the freight costs in the purchase transactions. In this case, the cost of the freight is included in the same transaction as the merchandise purchases. Be sure to use the FIFO inventory costing method Purchases Cost Cost of Goods Sold Units Cost Total Inventory Balance Cost Total Date Units Total Units Totals Units Cost Proof Units available Units sold Ending inventory