pic 4.1 has the info needed for this question, ive gotten part of it but cant finish or solve. they go in order by number
* Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Vaughn Company uses the periodic inventory system. Ending Inventory Cost of Goods SoldAccounting Cycle Review 6 a- f On December 1, 2020, 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 91,400\" Owner's Capital 31,200 Equipment 25,000 $35300 $35,?00 *[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.?8 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 $0.28.) I" Granted the December 5 customer $183 credit for 200 units of inventory returned costing $122. These units were returned to inventory. 1? 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. Accrued salaries payable $200. 2. Depreciation $280 per month. Your answer is partially correct. Try again. Joumalize the December transactions and adjusting entries, assuming Vaughn uses the perpetual inventory method. (Credit account titl'es are automatical'l'y indented when amount 1'5 entered. Do not indent manually. Record journa! entries in the order presented in the probfem.) Date Mmunt Trtlls and Explanation Accounts Payable -E V Accounts Receivable - v (To record sales revenue.) '1 Cost _f Goods Sold (To record cost of goods sold.) Sales Returns and Allowances - Accounts Receivable - (To record sales returns.) Cost of Goods Sold - (To record cost of sales returns.) Dec. 17 v Inventory Cash X Dec. 22 v Accounts Receivable Sales Revenue (To record sales revenue.) Dec. 22 v Cost of Goods Sold Inventory (To record cost of goods sold.) Dec. 31 v Salaries and Wages Expense Salaries and Wages Payable (To record accrued expense.) Dec. 31 v Depreciation Expense X Accumulated Depreciation-Equipment (To record depreciation expense.)Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.) Cash Dec. 1 Bal. Dec. 1 Bal. v Dec. 31 Bal. v Dec. 31 Bal. v Accounts Receivable Dec. 1 Bal. v Dec. 5 Ex X v X V Inventory X Dec. 1 Bal. Dec. 3 Dec. 7 Dec. 17 Dec. 31 Bal. Equipment X Accounts Payable Accumulated Depreciation-Equipment X Salaries and Wages Payable XOwner's Capital * * v X X v Sales Revenue X * * * * * Salaries and Wages Expense Dec. 31 * Dec. 31 Bal. v Cost of Goods Sold * Dec. 5 Dec. 7 * Dec. 22 * Dec. 31 Bal. v Sales Returns & Allowances * Dec. 7 Dec. 31 Bal. v Depreciation Expense Dec. 31 Dec. 31 Bal. v LINK TO TEXTPrepare an adjusted trial balance as of December 31, 2020. VAUGHN COMPANY X Adjusted Trial Balance Debit Credit x Sales Revenue Cost of Goods Sold Inventory Equipment Accounts Payable Accumulated Depreciation-Equipment Salaries and Wages Payable 00000000000000 X Owner's Capital X x Cost of Goods Sold Salaries and Wages Expense Cost of Goods Sold Sales Returns and Allowances Depreciation Expense Totals XPrepare an income statement for December 2020. VAUGHN COMPANY Income Statement v Sales Revenues Less xPrepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) VAUGHN COMPANY Balance Sheet December 31, 2020 Assets Current Assets x Cash Accounts Receivable Inventory Total Current Assets Equipment x Less Accumulated Depreciation-Equipment X Total Assets Liabilities and Owner's Equity Current Liabilities X Accounts Payable x Salaries and Wages Payable Total Current Liabilities Owner's Equity Total Liabilities and Owner's Equity
