On December 1, 2022, Matthias Company had the following account balances. Debit Credit $1,600 Cash $4,800 Accounts Receivable 3,600 3,200 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings 1.920 19.100 Inventory Equipment 21,700 8,120 $32,020 $32,020 (3.200 x $0.60) The following transactions occurred during December. Dec 3 5 7 Purchased 3.800 units of inventory on account at a cost of $0.70 per unit. Sold 4.200 units of inventory on account for $0.90 per unit. (Matthias sold 3.200 of the $0.60 units and 1.000 of the $0.70.) Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory Purchased 2,100 units of inventory for cash at $0.80 each. Sold 2.000 units of inventory on account for $0.95 per unit. (Matthias sold 2.000 of the $0.70 units.) 17 22 Adjustment data: 1. Accrued salaries payable $390. Depreciation $190 per month 2. (e) 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