On December 1, 2020, Coronado Company had the account balances shown below.

Debit

Credit

Cash$5,000Accumulated Depreciation?Equipment$1,200Accounts Receivable5,000Accounts Payable3,400Inventory1,800*Owner's Capital28,200Equipment21,000$32,800$32,800

*(3,000 x $0.60)

The following transactions occurred during December:

Dec. 3Purchased 4,200 units of inventory on account at a cost of $0.78 per unit.5Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.)7Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory.17Purchased 2,000 units of inventory for cash at $0.84 each.22Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.)

Adjustment data:

1.Accrued salaries payable $400.2.Depreciation $400 per month.

Accounting Cycle Review 6 a- f On December 1, 2020, Coronado Company had the account balances shown below. Debit Credit Cash $5,000 Accumulated DepreciationEquipment $1,200 Accounts Receivable 5,000 Accounts Payable 3,400 Inventory 1,800* Owner's Capital 28,200 Equipment 21,000 $32,800 $32,800 *(3,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.84 each. 22 Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month. Your answer is partially correct. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system. X Ending Inventory 2188 x Cost of Goods Sold 4568 to (f) Compute ending inventory and cost of goods sold under LIFO, assuming Coronado Company uses the periodic inventory system. Ending Inventory 1620 x Cost of Goods Sold 5206 Click if you would like to Show Work for this question: Open Show WorkPrepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) CORONADO COMPANY Balance Sheet v December 31, 2020 Assets Current Assets V X Cash 5000 Accounts Receivable 11231 V V Inventory 2188 x Total Current Assets 37819 x X Salaries and Wages Payable XLiabilities and Owner's Equity X X to X X X 400 Owner's Equity Owner's Capital 29063 X Total Liabilities and Owner's Equity 37819