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College Coasters is a San Diego$-$based merchandiser specializing in logo$-$adorned drink coasters. The company reported the

following balances in its unadjusted trial balance at December $1.$

The company buys coasters from one supplier. All amounts in Accounts Payable on December $1$ are owed to that supplier. The

inventory on December $1$ consisted of $1,000$ coasters, all of which were purchased in a batch on July $10$ at a unit cost of $$0\mathrm{.}50.$ College

Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method.

During December, the company entered into the following transactions. Some of these transactions are explained in greater detail

below.

a$.$ Purchased $500$ coasters on account from the regular supplier on $12/1$ at a unit cost of $$0\mathrm{.}52,$ with terms of $\frac{n}{60}.$

b$.$ Purchased $1,000$ coasters on account from the regular supplier on $12/2$ at a unit cost of $$0\mathrm{.}55,$ with terms of $\frac{n}{60}.$

c$.$ Sold $2,000$ coasters on account on $\frac{12}{3}$ at a unit price of $$0\mathrm{.}90.$

d$.$ Collected $$1,000$ from customers on account on $\frac{12}{4}.$

e$.$ Paid the supplier $$1,600$ cash on account on $12/18.$

f$.$ Paid employees $$500$ on $\frac{12}{23},$ of which $$300$ related to work done in November and $$200$ was for wages up to December $22.$

g$.$ Loaded $100$ coasters on a cargo ship on $\frac{12}{31}$ to be delivered the following week to a customer in Kona, Hawaii. The sale was made

FOB destination with terms of $\frac{n}{60}.$

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