Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. (I had to use 2 questions because the fist time I used a question to ask this, the “expert” didn't answer the question asked.) On December 1, 2022, Matthias Company had the following account balances.CashAccounts ReceivableInventoryEquipment*(3,000 x $0.60)Dec. 35717Debit22$4,8004,1001,80021,500The following transactions occurred during December.$32,200Accumulated Depreciation-EquipmentAccounts PayableCommon StockRetained EarningsCredit$1,5003,20018,8008,700$32,200Purchased 4,100 units of inventory on account at a cost of $0.66 per unit.Sold 4,500 units of inventory on account for $1.00 per unit. (Matthias sold 3,000 of the $0.60 units and 1,500 of the$0.66.)Granted the December 5 customer $100 credit for 100 units of inventory returned costing $72. These units werereturned to inventory.Purchased 2,500 units of inventory for cash at $0.70 each.Sold 2,200 units of inventory on account for $1.05 per unit. (Matthias sold 2,200 of the $0.66 units.) * Your answer is incorrect.Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system.Ending InventoryCost of Goods Sold$$20146810

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Description: Compute ending inventory and cost of goods sold under FIFO, assuming Matthias Company uses the periodic inventory system. (I had to use 2 questions because the fist time I used a question to ask this, the “expert” didn't answer the question asked.) O

As per FIFO Method the goods which came in first are sold first. So the cost of goods sold will…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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