On December 1, 2020, Matthias Company had the account balances shown below. Debit Credit Cash $4,900 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 3,700 Accounts Payable 2,800 Inventory 1,740 Common Stock 20.200 Equipment 22,100 Retained Earnings 8,040 $32,440 $32,440 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.68 per unit. 5 7 Sold 4,400 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,500 of the $0.68.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $180. These units were returned to inventory. *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,400 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,500 of the $0.68.) 7 17 22 Granted the December 5 customer $300 credit for 300 units of inventory returned costing $180. These units were returned to inventory. Purchased 2,400 units of inventory for cash at $0.80 each. Sold 2,100 units of inventory on account for $1.05 per unit. (Matthias sold 2,100 of the $0.68 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $190 per month. Sales Revenue Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses MATTHIAS COMPANY Income Statement December 31, 2020 +A Operating Expenses Salaries and Wages Expense Depreciation Expense Total Operating Expenses Net Income/(Loss) $ SA $ Current Assets Cash Accounts Receivable Inventory Total Current Assets Property, Plant and Equipment Equipment MATTHIAS COMPANY Balance Sheet December 31, 2020 Assets $ $ Less : Accumulated Depreciation-Equipment Total Assets Current Liabilities Accounts Payable Salaries and Wages Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Liabilities and Stockholders' Equity $ $ $ Total Liabilities and Stockholders' Equity Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ Compute ending inventory and cost of goods sold under LIFO, assuming Matthias Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $