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Retro Productions Ltd, is a Vancouver-based furniture manufacturer. The company reported the following information on...

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Accounting

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Retro Productions Ltd, is a Vancouver-based furniture manufacturer. The company reported the following information on its trial balance for 11 months of the year ended November 30,2021. Unknown environment 'tabular' Unknown environment 'tabular' Retro reported the following transactions for the month of December. The company uses a perpetual inventory system and owned 10,000 units of inventory on December 1. Dec. 1 Received $315,000 on account from a major customer. 1 Paid $14,000 in rent for the month of December. 4 Paid $375,000 owing to a supplier from a purchase made in November. 6 Sold 4,200 units of merchandise to a Canadian furniture retailer for $2,121,000 on credit, FOB shipping point. 15 Purchased 6,000 units of merchandise from a supplier at a cost of $290 per unit on credit, FOB shipping point. 18 Paid salaries of $125,000. 21 Sold 8,000 units of merchandise for $4,092,000 on account, FOB shipping point. 24 Paid $32,000 for advertising expenses incurred in the month. 27 Purchased 5,000 units of inventory from a supplier at a cost of $300 per unit on credit, FOB shipping point. Prepare T accounts and enter the opening balances. (Round answers to 0 decimal places, e.g. 5,275.)

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