Your answer is partially correct.

Enter the December $1$ balances in the ledger T$-$accounts and post the December transactions. In addition to the accounts

mentioned above, use the following additional accounts: Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense,

Salaries and Wages Payable, Sales Revenue, and Sales Returns and Allowances. $($Post entries in the order of journal entries presented

above.$)$

Accounts Receivable $($e$)$

Your answer is incorrect.

Compute ending inventory and cost of goods sold under FIFO, assuming Cullumber Company uses the periodic inventory system.

Ending Inventory

Cost of Goods Sold

$

eTextbook and Media

List of Accounts

Attempts: $2$ of $5$ used

$($f$)$

Compute ending inventory and cost of goods sold under LIFO, assuming Cullumber Company uses the periodic inventory system.

Ending Inventory

Cost of Goods Sold

$

eTextbook and Media

List of AccountsOn December $1,2027,$ Cullumber Company had the following account balances.

$*(3,000$$$0\mathrm{.}6)$

The following transactions occurred during December.

Dec. $3$ Purchased $3,800$ units of inventory on account at a cost of $$0\mathrm{.}65$ per unit.

$5$ Sold $4,600$ units of inventory on account for $$1\mathrm{.}0$ per unit. $($Cullumber sold $3,000$ of the $$0\mathrm{.}6$ units and $1,600$ of the

$$0\mathrm{.}65.$

$7$ Granted the December $5$ customer $$300$ credit for $300$ units of inventory returned costing $$195.$ These units were

returned to inventory.

$17$ Purchased $2,100$ units of inventory for cash at $$0\mathrm{.}9$ each.

$22$ Sold $1,600$ units of inventory on account for $$1\mathrm{.}05$ per unit. $($Cullumber sold $1,600$ of the $$0\mathrm{.}65$ units.$)$

Adjustment data:

Recognized accrued salaries payable $$360.$

Recognized depreciation $$210$ per month.