Exercise $5-1($Static$)$ Hajusting and paying accruea wages Lu rs

Pablo Management has five employees, each of whom earns $$250$ per day. They are paid on Fridays for work

completed Monday through Friday of the same week. Near year$-$end, the five employees worked Monday,

December $31,$ and Wednesday, Thursday, and Friday, January $2,3,$ and $4.$ New Year's Day $($January $1)$ was an

unpaid holiday.

Prepare the December $31$ year$-$end adjusting entry for wages expense and record payment of the employees'

wages on Friday, January $4.$What does this mean

Compute the cost assigned to ending inventory using $($a$)$ FIFO, $($b$)$ LIFO, $($c$)$ weighted average, and $($d$)$ specific

identification. For specific identification, units sold include $80$ units from beginning inventory, $340$ units from the

March $5$ purchase, $40$ units from the March $18$ purchase, and $120$ units from the March $25$ purchase.

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