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I'm posting all of this to get the correct answer for ending inventory and cost of goods sold (second Attempt)

Comprehensive Problem 6

On December 1, 2017, Annalise Company had the account balances shown below.

Debit Credit Cash $4,700 Accumulated DepreciationEquipment $1,500 Accounts Receivable 4,800 Accounts Payable 3,000 Inventory 1,800 * Owners Capital 27,800 Equipment 21,000 $32,300 $32,300

*(3,000 x $0.60) The following transactions occurred during December:

Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.70 per unit. 5 Sold 4,200 units of inventory on account for $0.86 per unit. (It sold 5,400 of the $0.60 units and -1,200 of the $0.70.) 7 Granted the December 5 customer $207 credit for 200 units of inventory returned costing $138. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.76 each. 22 Sold 4,500 units of inventory on account for $0.91 per unit. (It sold 4,500 of the $0.70 units.)

Adjustment data:

1. Accrued salaries payable $500. 2. Depreciation $240 per month.

[Correct answer.] Your answer is correct.

Journalize the December transactions and adjusting entries, assuming Annalise uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit [Entry field with correct answer] Dec. 3 [Entry field with correct answer] Inventory [Entry field with correct answer] 2660 [Entry field with correct answer] [Entry field with correct answer] Accounts Payable [Entry field with correct answer] [Entry field with correct answer] 2660 [Entry field with correct answer] Dec. 5 [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] 3612 [Entry field with correct answer] [Entry field with correct answer] Sales Revenue [Entry field with correct answer] [Entry field with correct answer] 3612 (To record sales revenue.) [Entry field with correct answer] Dec. 5 [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] 2400 [Entry field with correct answer] [Entry field with correct answer] Inventory [Entry field with correct answer] [Entry field with correct answer] 2400 (To record cost of goods sold.) [Entry field with correct answer] Dec. 7 [Entry field with correct answer] Sales Returns and Allowances [Entry field with correct answer] 207 [Entry field with correct answer] [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] [Entry field with correct answer] 207 (To record sales returns.) [Entry field with correct answer] Dec. 7 [Entry field with correct answer] Inventory [Entry field with correct answer] 138 [Entry field with correct answer] [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] [Entry field with correct answer] 138 (To record cost of sales returns.) [Entry field with correct answer] Dec. 17 [Entry field with correct answer] Inventory [Entry field with correct answer] 1520 [Entry field with correct answer] [Entry field with correct answer] Cash [Entry field with correct answer] [Entry field with correct answer] 1520 [Entry field with correct answer] Dec. 22 [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] 4095 [Entry field with correct answer] [Entry field with correct answer] Sales Revenue [Entry field with correct answer] [Entry field with correct answer] 4095 (To record sales revenue.) [Entry field with correct answer] Dec. 22 [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] 3150 [Entry field with correct answer] [Entry field with correct answer] Inventory [Entry field with correct answer] [Entry field with correct answer] 3150 (To record cost of goods sold.) [Entry field with correct answer] Dec. 31 [Entry field with correct answer] Salaries and Wages Expense [Entry field with correct answer] 500 [Entry field with correct answer] [Entry field with correct answer] Salaries and Wages Payable [Entry field with correct answer] [Entry field with correct answer] 500 (To record accrued expense.) [Entry field with correct answer] Dec. 31 [Entry field with correct answer] Depreciation Expense [Entry field with correct answer] 240 [Entry field with correct answer] [Entry field with correct answer] Accumulated Depreciation-Equipment [Entry field with correct answer] [Entry field with correct answer] 240 (To record depreciation expense.)

[Correct answer.] Your answer is correct.

Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.)

Cash [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 4700 [Entry field with correct answer] Dec. 17 [Entry field with correct answer] 1520 [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 3180 [Entry field with correct answer] [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 4800 [Entry field with correct answer] Dec. 7 [Entry field with correct answer] 207 [Entry field with correct answer] Dec. 5 [Entry field with correct answer] 3612 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 22 [Entry field with correct answer] 4095 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 12300 [Entry field with correct answer] [Entry field with correct answer] Inventory [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 1800 [Entry field with correct answer] Dec. 5 [Entry field with correct answer] 2400 [Entry field with correct answer] Dec. 3 [Entry field with correct answer] 2660 [Entry field with correct answer] Dec. 22 [Entry field with correct answer] 3150 [Entry field with correct answer] Dec. 7 [Entry field with correct answer] 138 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 17 [Entry field with correct answer] 1520 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 568 [Entry field with correct answer] [Entry field with correct answer] Equipment [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 21000 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 21000 [Entry field with correct answer] [Entry field with correct answer] Accounts Payable [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 3000 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 3 [Entry field with correct answer] 2660 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 5660 Accumulated DepreciationEquipment [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 1500 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 [Entry field with correct answer] 240 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 1740 Salaries and Wages Payable [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 [Entry field with correct answer] 500 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 400 Owners Capital [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 1 Bal. [Entry field with correct answer] 27800 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 27800 Sales Revenue [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 5 [Entry field with correct answer] 3612 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 22 [Entry field with correct answer] 4095 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 7707 Salaries and Wages Expense [Entry field with correct answer] Dec. 31 [Entry field with correct answer] 500 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 500 [Entry field with correct answer] [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] Dec. 5 [Entry field with correct answer] 2400 [Entry field with correct answer] Dec. 7 [Entry field with correct answer] 138 [Entry field with correct answer] Dec. 22 [Entry field with correct answer] 3150 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 5412 [Entry field with correct answer] [Entry field with correct answer] Sales Returns & Allowances [Entry field with correct answer] Dec. 7 [Entry field with correct answer] 207 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 207 [Entry field with correct answer] [Entry field with correct answer] Depreciation Expense [Entry field with correct answer] Dec. 31 [Entry field with correct answer] 240 [Entry field with correct answer] [Entry field with correct answer] [Entry field with correct answer] Dec. 31 Bal. [Entry field with correct answer] 240 [Entry field with correct answer] [Entry field with correct answer]

[Correct answer.] Your answer is correct.

Prepare an adjusted trial balance as of December 31, 2017.

ANNALISE COMPANY Adjusted Trial Balance [Entry field with correct answer] December 31, 2017 Debit Credit [Entry field with correct answer] Cash $ [Entry field with correct answer] 3180 $ [Entry field with correct answer] [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] 12300 [Entry field with correct answer] [Entry field with correct answer] Inventory [Entry field with correct answer] 568 [Entry field with correct answer] [Entry field with correct answer] Equipment [Entry field with correct answer] 21000 [Entry field with correct answer] [Entry field with correct answer] Accounts Payable [Entry field with correct answer] [Entry field with correct answer] 5660 [Entry field with correct answer] Accumulated Depreciation-Equipment [Entry field with correct answer] [Entry field with correct answer] 1740 [Entry field with correct answer] Salaries and Wages Payable [Entry field with correct answer] [Entry field with correct answer] 400 [Entry field with correct answer] Owner's Capital [Entry field with correct answer] [Entry field with correct answer] 27800 [Entry field with correct answer] Sales Revenue [Entry field with correct answer] [Entry field with correct answer] 7707 [Entry field with correct answer] Salaries and Wages Expense [Entry field with correct answer] 500 [Entry field with correct answer] [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] 5412 [Entry field with correct answer] [Entry field with correct answer] Sales Returns and Allowances [Entry field with correct answer] 207 [Entry field with correct answer] [Entry field with correct answer] Depreciation Expense [Entry field with correct answer] 240 [Entry field with correct answer] Totals $ [Entry field with correct answer] 43407 $ [Entry field with correct answer] 43407

[Correct answer.] Your answer is correct.

Prepare an income statement for December 2017.

ANNALISE COMPANY Income Statement [Entry field with correct answer] For the Month Ended December 31, 2017 [Entry field with correct answer] Sales Revenues $ [Entry field with correct answer] 7707 [Entry field with correct answer] Less : [Entry field with correct answer] Sales Returns and Allowances [Entry field with correct answer] 207 [Entry field with correct answer] Net Sales [Entry field with correct answer] 7500 [Entry field with correct answer] Cost of Goods Sold [Entry field with correct answer] 5412 [Entry field with correct answer] Gross Profit / (Loss) [Entry field with correct answer] 2088 [Entry field with correct answer] Operating Expenses [Entry field with correct answer] Salaries and Wages Expense $ [Entry field with correct answer] 500 [Entry field with correct answer] Depreciation Expense [Entry field with correct answer] 240 [Entry field with correct answer] 740 [Entry field with correct answer] Net Income / (Loss) $ [Entry field with correct answer] 1348

[Correct answer.] Your answer is correct.

Prepare a classified balance sheet at December 31, 2017. (List Current Assets in order of liquidity.)

ANNALISE COMPANY Balance Sheet [Entry field with correct answer] December 31, 2017 Assets [Entry field with correct answer] Current Assets [Entry field with correct answer] Cash $ [Entry field with correct answer] 3180 [Entry field with correct answer] Accounts Receivable [Entry field with correct answer] 12300 [Entry field with correct answer] Inventory [Entry field with correct answer] 568 [Entry field with correct answer] Total Current Assets $ [Entry field with correct answer] 16048 [Entry field with correct answer] Property, Plant and Equipment [Entry field with correct answer] Equipment [Entry field with correct answer] 21000 [Entry field with correct answer] Less : Accumulated Depreciation-Equipment 1740 19260 Total Assets $ 35308 Liabilities and Owners Equity Current Liabilities Accounts Payable $ 5660 Salaries and Wages Payable 400 Total Current Liabilities $ 6060 Owners Equity Owner's Capital 29148 Total Liabilities and Owners Equity $ 35208

[Partially correct answer.] Your answer is partially correct. Try again.

(e) Compute ending inventory and cost of goods sold under FIFO, assuming Annalise Company uses the periodic inventory system.

Ending Inventory $ [Entry field with incorrect answer] Cost of Goods Sold $ [Entry field with incorrect answer]

(f) Compute ending inventory and cost of goods sold under LIFO, assuming Annalise Company uses the periodic inventory system.

Ending Inventory $ [Entry field with incorrect answer] Cost of Goods Sold $ [Entry field with correct answer] 5800

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