On December 1, 2022, Vaughn Company had the account balances shown below.

		Debit				Credit
Cash		$ 4,800		Accumulated DepreciationEquipment		$ 1,500
Accounts Receivable		3,500		Accounts Payable		3,000
Inventory		2,400	*	Owners Capital		31,200
Equipment		25,000
		$ 35,700				$ 35,700

*( 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 $ 0.78 per unit.
5		Sold 4,300 units of inventory on account for $ 0.94 per unit. ( Vaughn sold 4,000 of the $ 0.60 units and 300 of the $ 0.78.)
7		Granted the December 5 customer $ 183 credit for 200 units of inventory returned costing $ 122. These units were returned to inventory.
17		Purchased 2,000 units of inventory for cash at $ 0.84 each.
22		Sold 3,200 units of inventory on account for $ 0.99 per unit. ( Vaughn sold 3,200 of the $ 0.78 units.)

Adjustment data:

1.		Recognized accrued salaries payable $ 700.
2.		Recognized depreciation $ 280 per month.

(e) * Your answer is incorrect. Compute ending inventory and cost of goods sold under FIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory $ 2496 Cost of Goods Sold 5008 eTextbook and Media List of Accounts Save for Later Attempts: 4 of 5 used Submit Answer (f) * Your answer is incorrect. Compute ending inventory and cost of goods sold under LIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory $ 1622 Cost of Goods Sold $ $ 5578