Question 1 of 1 -/25 HIT Sunland Company began operating on October 1, 2022. It prepares monthly financial statements. A tabular summary including information as of December 1, 2022, is shown below in the instructions. Note that the Inventory balance of $4,680 is based on 7,800 units costing $0.60 per unit. Also, the $44,200 balance in Retained Earnings represents the results for the first two months of operations. The following transactions occurred during December Dec. 3 Purchased 10,400 units of Inventory on account at a cost of $0.70 per unit. 5 7 Sold 11,440 units of inventory on account for $0.90 per unit. (Sunland sold 7.800 of the $0.60 units and 3,640 of the $0.70.) I Granted the December 5 customer $468 credit for 520 units of inventory returned costing $385. These units were returned to inventory Purchased 5,720 units of inventory for cash at $0,80 each. Sold 5,200 unit of inventory on account for $0.95 per unit (Sunland sold 5.200 of the $0,70 units.) 17 22 Adjustment data: 1 Accrued salaries and wages payable $1,040, Depreciation on equipment $520 per month 2. 3. Income tax expense was $568, to be paid next year Question 1 of 1 > Accts. Cash Rec. Invent 12/1/Bal. $12,480 $10,140 Dec. 3 5 7 17 22 Unadj. Bal. Adj. - Equip Pay. Inventory Equip. $7.800 $4,680 $54,600 $-3,900 I estion 1 of 1 -/25 III Income Taxes Wages Com. Pay. Pay. Stock $26,000 Rev. I -/25 Retained Earnings $44,200 Exp. Div. Salaries & wages payable Sales returns & allowances Depreciation expense Sales revenue Income tax expense Cost of goods sold Question 1 of 1