malyzing Inventory 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 trans- actions. 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, 2017 (d) Prepare an income statement for December 2017 and a classified balance sheet at December 31, 2017 (e) Compute ending inventory and cost of goods sold under FIFO, assuming Waylon Company uses the periodic inventory system. (1) Compute ending inventory and cost of goods sold under LIFO, assuming Waylon Company uses the periodic inventory system, COMPREHENSIVE A Credit ACES On December 1, 2011 Wydon Com had the count balans shown below Cast As Rechte Invento Equipment Debit $ 480 Accumulated Depreciation-Equipment $ 1.500 3.900 Accounts Payable 1.800" Common Stock 21.000 Retained Earnings $31.500 3.000 10.000 17.000 $31.500 The following transactions occurred during December Die Purchase 4,000 units of inventory on account at a cost of $0.72 per unit. 5. Sold 4400 units of inventory on account for $0.90 per unit. (lt sold 3,000 of the SONO uniks and 1,400 of the $0.72.) 7 Granted the December 5 customer $180 credit for 200 units of inventory turned casting $144. These units were returned to inventory 11 Purchased 2 200 units of inventory for cash at $0.80 each. 12 S 2.000 units of inventory on account for $0.95 per unit. (It sold 2.000 of the 332