The following transactions occurred during December.Dec. 3 Purchased 4000 units

The following transactions occurred during December.Dec. 3 Purchased 4000 units of inventory on account at a cost of $0.72 per unit.5 Sold 4400 units of inventory on account for $0.90 per unit. (It sold3000 of the $0.60 units and 1400 of the $0.72.)7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory.17 Purchased 2200 units of inventory for cash at $0.80 each.22 Sold 2000 units of inventory on account for $0.95 per unit. (It sold 2000 of the $0.72 units.)Adjustment data:1. Accrued salaries payable $400.2. Depreciation $200 per month.3. Income tax expense was $215 to be paid next year.Instructions(a) Journalize the December transactions and adjusting entries assuming Ruggiero uses the perpetual inventory method.(b) 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 Sales Returns and Allowances Income Tax Expense and Income Taxes Payable.(c) Prepare an adjusted trial balance as of December 31 2012.(d) Prepare an income statement for December 2012 and a classified balance sheet at December 31 2012.(e) Compute ending inventory and cost of goods sold under FIFO assuming Ruggiero Company uses the periodic inventory system.(f) Compute ending inventory and cost of goods sold under LIFO assuming Ruggiero Company uses the periodic inventorysystem.