On December 1, 2017, Annalise Company had the account balances shown below.

Debit Credit Cash $6,800 Accumulated DepreciationEquipment $1,400

Accounts Receivable 3,900 Accounts Payable 2,900

Inventory 1,500 * Owners Capital 29,700

*(3,000 x $0.50)

Equipment 21,800

$34,000 $34,000

The following transactions occurred during December:

Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.70 per unit.

Dec. 5 Sold 4,700 units of inventory on account for $0.92 per unit. (It sold 3,000 of the $0.50 units and 1,700 of the $0.70.)

Dec. 7 Granted the December 5 customer $92 credit for 100 units of inventory returned costing $100. These units were returned to inventory.

Dec. 17 Purchased 2,300 units of inventory for cash at $0.78 each. 22 Sold 2,100 units of inventory on account for $0.97 per unit. (It sold 2,100 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $200 per month.

(e) Compute ending inventory and cost of goods sold under FIFO, assuming Annalise Company uses the periodic inventory system.

Ending Inventory ?

Cost of Goods Sold ?

(f) Compute ending inventory and cost of goods sold under LIFO, assuming Annalise Company uses the periodic inventory system.

Ending Inventory ?

Cost of Goods Sold ?