On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,500 Accumulated Depreciation-Equipment Accounts Payable $1,600 3,100 Accounts Receivable 4,000 Inventory 1.800 Common Stock 22,000 Equipment 20,400 Retained Earnings 4.000 $30,700 $30,700 * (3,000 x $0.60) The following transactions occurred during December. Dec. 3 5 7 Purchased 4,200 units of inventory on account at a cost of $0.76 per unit. Sold 4,100 units of inventory on account for $0.90 per unit. (Matthias sold 3,000 of the $0.60 units and 1,100 of the $0.76.) Granted the December 5 customer $90 credit for 100 units of inventory returned costing $72. These units were returned to inventory. Purchased 2,500 units of inventory for cash at $0.80 each. Sold 2,700 units of inventory on account for $0.95 per unit. (Matthias sold 2,700 of the $0.76 units.) 17 22 Adjustment data: 1. Accrued salaries payable $420. Depreciation $180 per month. 2. Your answer is incorrect. Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. $ Ending Inventory Cost of Goods Sold $ $ eTextbook and Media Assistance Used List of Accounts Save for Later Attempts: 3 of 5 used Submit Answer Compute ending inventory and cost of goods sold under LIFO, assuming Matthias Company uses the periodic inventory system. $ Ending Inventory $ Cost of Goods Sold ZA eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit