Project three 1 Part 12 12.5 poin 20236 Me Saved Required information (The following information applies to the questions displayed below] One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were Cash Accounts Receivable Allowance for Doubtful Accounts 21,300 1,015 12.240 3,960 40,600 Inventory Prepaid Bent Equipment Accumulated Depreciation Accounts Payable Book Sales Tax Payable P PICA Payable Withheld Tecone Taxes Payable 3,960 Salaries and Rages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Notes Payable (long-tern) Connon Stock Additional Paid-In Capital, Conso Betained Earnings Treasury Stock 500 600 500 1,600 300 4,500 524 23,300 17,000 19,831 14,730 4,000 The following information is relevant to the first month of operations in the following year. OPC sells its inventory at $150 per unit, plus sales tax of 6 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12.240. OPC's policy is to use the FIFO method, recorded using a perpetual inventory, system. The $1,860 in Prepaid Rent relates to a payment made in December for January rent this year. The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method. Prox Next >> Help Save & Exit Submit Check my work