On December 1 20222, Mathius Company had the following account balances:

Cash: $4500.00 Accumulated Depreciation Equipment: $1600.00

Accounts Receivable: $3800.00 Accounts Payable: $3000.00

Inventory: $1860.00 Common Stock: $21,900.00

Equipment: $20,200.00 Retained Earnings: $3860.00

TOTAL: $30,360.00 TOTAL: $30,360.00

(3,100 x $0.60)

The following transactions occurred during December. December 3 Purchased 4,000 units of inventory on account at a cost of $0.66 per unit.

Dec 5 Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 3,100 of the $0.60 units and 1,100 of the $0.66.)

December 7: Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory.

December 17: Purchased 2,000 units of inventory for cash at $0.80 each.

December 22: Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.66 units.)

Adjustment data:

1. Accrued salaries payable $430.

2. Depreciation $210 per month.

Question 1.) Please produce an Income Statement and a Balance Sheet (Assets and Liabilities) for the Company.

Question 2.) Compute an Ending Inventory and Costs of Goods sold under FIFO assuming the company uses a periodic inventory system.

Question 3.) Compute an Ending Inventory and Costs of Goods sold under LIFO assuming the company uses a periodic inventory system.

THANK YOU!