On December 1, 2020, Waterway Company had the account balances shown below Debit $5,000 Accumulated Depreciation-Equipment Credit Cash Accounts Receivable Inventory Equipment 4,700 Accounts Payable 2,400* Owner's Capital 25,000 $1,100 3,200 32,800 $37,100 $37,100 "(4,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.70 per unit 5 Sold 4,300 units of inventory on account for $0.86 per unit. (Waterway sold 4,000 of the $0.60 units and 300 of the $0.70.) 7 Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were returned to inventory 17 Purchased 2,300 units of inventory for cash at $0.76 each 22 Sold 3,200 units of inventory on account for $0.91 per unit. (Waterway sold 3,200 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $600 2. Depreciation $200 per month X Your answer is incorrect. Try again. Compute ending inventory and cost of goods sold under FIFO, assuming Waterway Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Waterway Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold