Please write it in exact format, and can you explain how you get the LIFO.

Thank you SO MUCH

Accounting Cycle Review 6 af On December 1, 2020, Sheridan Company had the account balances shown below. Debit Credit Cash $4,700 $1,500 Accounts Receivable Accumulated Depreciation-Equipment Accounts Payable Owner's Capital 4,800 2.100 3,000 Inventory 28,100 Equipment 21,000 $32,600 $32,600 *(3,500 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.70 per unit. 5 Sold 4,200 units of inventory on account for $0.86 per unit. (Sheridan sold 3,500 of the $0.50 units and 700 of the $0.70.) 7 Granted the December 5 customer $207 credit for 200 units of inventory returned costing $138. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.76 each 22 Sold 2,600 units of inventory on account for $0.91 per unit. (Sheridan sold 2,600 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $500. 2. Depreciation $240 per month. Journalize the December transactions and adjusting entries, assuming Sheridan uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales revenue.) (To record cost of goods sold.) V (To record sales returns.) (To record cost of sales returns.) (To record sales revenue.) (To record cost of goods sold.) V (To record accrued expense.) (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 presie Cash Accounts Receivable V > > >> V Inventory > > > > > > Equipment Accounts Payable Accumulated Depreciation-Equipment > Owner's Capital >> V Salaries and Wages Expense Cost of Goods Sold > Sales Returns & Allowances > Depreciation Expense