LINK TO TEXT (e) Your answer is partially correct. Try again. Compute ending inventory and cost of goods sold under FIFO, assuming Bonita Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (S Compute ending inventory and cost of goods sold under LIFO, assuming Bonita Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold 1800 6352 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Accounting Cycle Review 6 a-f On December 1, 2020, Bonita Company had the account balances shown below. Debit Cash $5,300 Accumulated Depreciation-Equipment Accounts Receivable 4,000 Accounts Payable Inventory 2,760* Owner's Capital Equipment 23,000 $35,060 *(4,600 x $0.60) Credit $1,300 3,600 30,160 $35,060 The following transactions occurred during December: Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,300 units of inventory on account for $0.90 per unit. (Bonita sold 4,600 of the $0.60 units and 700 of the $0.74.) 7 Granted the December 5 customer $150 credit for 200 units of inventory returned costing $100. These units were returned to inventory 17 Purchased 2,300 units of Inventory for cash at $0.80 each. 22 Sold 3,600 units of inventory on account for $0.95 per unit. (Bonita sold 3,600 of the $0.74 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month. Your answer is correct. CALCULATOR Journalize the December transactions and adjusting entries, assuming Bonita uses the perpetual inventory method. (Credit account titles are automatically indented whe Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Dec. 3 Inventory Accounts Payable Dec. 5 11 13 Accounts Receivable Debit Credit 3552 3552 4770