Sheridan 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 $4.500 is based on 7.500 units costing $0.60 per unit. Also, the $42,500 balance in Retained Earnings represents the results for the first two months of operations. The following transactions occurred during December Dec 3 Purchased 10,000 units of Inventory on account at a cost of $0.70 per unit. 5 7 Sold 11,000 units of inventory on account for $0.90 per unit (Sheridan sold 7.500 of the 50.60 units and 3.500 of the $0.70 Granted the December 5 customer $450 credit for 500 units of inventory returned costing $370. These units were returned to inventory Purchased 5,500 units of inventory for cash at $0.80 each Sold 5,000 unit of inventory on account for $0.95 per unit (Sheridan sold 5,000 of the 50,70 units.) 17 22 Adjustment data: 1 2 Accrued salaries and wages payable $1.000 Depreciation on equipment $500 per month Income tax expense was $546, to be paid next year, 3. (b) Compute ending Inventory and cost of goods sold under FIFO, assuming Sheridan Company uses the periodic inventory system, (Round answers to decimal places, es, 125.) FIFO Ending Inventory Cost of Goods Sold $ cTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Sutomit