On December 1, 2014, Harrisen Company had the account balances shown below.

A) Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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: Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Salaries and Wages Payable, Sales Revenue, Sales Returns and Allowances, Income Tax Expense, and Income Taxes Payable.

C)Prepare an adjusted trial balance as of December 31, 2012.

D) Prepare an income statement for December 2012 and a classified balance sheet at December 31, 2012.

E)Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system.

F)Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system.

Comprehensive Problem 6 (Part Level Submission) On December 1, 2014, Harrisen Company had the account balances shown below Debits Credits $1,470 2,980 10,700 16,762 $31,912 Cash $6,550 Accumulated Depreciation- Equipment Accounts Receivable Inventory (3,200 x $0.51) Equipment 3,730 Accounts Payable 1,632 Common Stock 20,000 Retained Earnings $31,912 The following transactions occurred during December Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.69 per unit. 5 Sold 4,700 units of inventory on account for $0.90 per unit. (It sold 3,200 of the $0.51 units and 1,500 of the $0.69.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $140. These units were returned to inventory 17 Purchased 2,500 units of inventory for cash at $0.81 each 22 Sold 2,300 units of inventory on account for $0.95 per unit. (It sold 2,300 of the $0.69 units.) Adjustment data: 1. Accrued salaries and wages payable $490 2. Depreciation on equipment $140 per month 3. Income tax expense was $160, to be paid next year