Comprehensive Problem 6 (Part Level Submission) On December 1, 2019, Martinez Company had the account balances shown below. Credit $1,500 2,800 Cash Accounts Receivable Inventory Equipment Debit $5,600 4,000 1,760 21,700 $33,060 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings 19,000 9.260 $33,060 "(3,200 x $0.55) The following transactions occurred during December Dec. 3 5 7 17 22 Purchased 4,200 units of inventory on account at a cost of $0.65 per unit Sold 4,600 units of inventory on account for $0.92 per unit (Martinez sold 3.200 of the $0.55 units and 1.400 of the 50.65.) Granted the December 5 customer $276 credit for 300 units of inventory returned costing 184. These units were returned to inventory Purchased 2,100 units of inventory for cash at $0.78 each Sold 2,000 units of inventory on account for $0.95 per unit (Martinez sold 2,000 of the 50.65 units.) Adjustment data: 1. Accrued salaries payable $300. 2. Depreciation $200 per month. Lernberun 2019 Debit 3962 Accounts Receivable Inventory 2342 Equipment Accounts Payable 5530 Accumulated Depreciation Equipment salaries and Wages Payable Common Stock 19000 Retained Earnings 9760 Sales Revenue 6132 Salaries and Wages Expense Cost of Goods Sold Sales Returns and Allowances Depreciation Expense 424 Totals 42422 (e) and (0) (e) Compute ending Inventory and cost of goods sold under FIFO, assuming Martinez Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Martinez Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold