Please help It would be greatly appreciated On December 1 20

Please help! It would be greatly appreciated!

On December 1, 2017, Wildhorse Co. had the account balances shown below Debits Cash Accounts Receivable Inventory (3,100 x $0.60 Equipment Credits $4,580 Accumulated Depreciation-Equipment $1,490 3,240 10,900 17,630 $33,260 4,020 Accounts Payable 1,860 Common Stock 22,800 Retained Earnings $33,260 The following transactions occurred during December. Dec. 3 Purchased 4,100 units of inventory on account at a cost of $0.67 per unit. 5 Sold 4,500 units of inventory on account for $0.90 per unit. (It sold 3,100 of the $0.60 units and 1,400 of the $0.67.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory 17 Purchased 2,500 units of inventory for cash at $0.70 each 22 Sold 2,400 units of inventory on account for $0.86 per unit. (It sold 2,400 of the $0.67 units.) Adjustment data: 1. Accrued salaries and wages payable $390. 2. Depreciation on equipment $190 per month 3. Income tax expense was $230, to be paid next year.

Solution

Working Date Accounts title Dr Cr 3-Dec Inventory 2747 Accounts Payable (4100*.67) 2747 5-Dec Accounts receivable 4050 Sales (4500*.9) 4050 Cost of good sold 2798 Inventory (3100*.6)+(1400*.67) 2798 7-Dec Sales Return 270 Accounts receivable 270 Inventory 240 Cost of good sold 240 17-Dec Inventory 1750 Cash (2500*.7) 1750 22-Dec Accounts receivable 2064 Sales (2400*.86) 2064 Cost of good sold 1608 Inventory (2400*.67) 1608 Adj 1 Salaries & wages expenses $390 Salaries & wages Payable $390 2 Dep exp 190 Acc dep 190 3 Income tax expenses 230 Income tax payable 230 Income statement Sales 6114 Sales return 270 Net sales 5844 Less: cost of good sold 4166 Less: Salaries & wages expenses $390 Dep exp 190 Income tax expenses 230 Net Income $868 Balance sheet As on December 31 2017 Current Assets Cash (4580-1750) 2830 Accounts receivable (4020+4050-270+2064) 9864 Inventory (1860+2747-2798+240-1608) 2191 Total Current Assets 14885 Property Plant & Equipment Equipment 22800 Less: Accumulated depreciation 1680 21120 Total Assets 36005 Liailties & stock holder equity Current Liabilities Accounts payable (3240+2747) 5987 Income Tax payable 230 Salaries & wages payable 390 Total Current Liabilities 6607 Stockholder equity Common stock 10900 Retained Earnings (17630+868) $18,498 Total Stockholder equity $29,398 Total liabilities & stockholder equity $36,005 ans 2 Particulars Units Cost T Total cost U*T Beginning bal 3100 $0.60 $1,860.00 3-Dec 4100 0.67 $2,747.00 17-Dec 2500 0.7 $1,750.00 9700 6357 Sales units 6600 Ending inventory 3100 a) FIFO Ending Inventory $2,152.00 3-Dec 600 0.67 $402.00 17-Dec 2500 0.7 $1,750.00 3100 Total $2,152.00 Cost of good sold 4205 Particulars Units Cost T Total cost U*T Beginning bal 3100 $0.60 $1,860.00 3-Dec 3500 0.67 $2,345.00 6600 4205 LIFO Particulars Units Cost T Total cost U*T Beginning bal 3100 $0.60 $1,860.00 3-Dec 4100 0.67 $2,747.00 17-Dec 2500 0.7 $1,750.00 9700 6357 Sales units 6600 Ending inventory 3100 a) LIFO Ending Inventory $1,860.00 Beginning bal 3100 $0.60 $1,860.00 3100 Total $1,860.00 Cost of good sold 4497 Particulars Units Cost T Total cost U*T 3-Dec 4100 0.67 $2,747.00 17-Dec 2500 0.7 $1,750.00 6600 4497 If any doubt please comment. If satisfied you can rate