Reference no: EM131115959
1. Compute the ending inventory using the FIFO and the weighted average method below. Use the perpetual method for both.
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units
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price
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1-Jan
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Beginning inventory
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3,500
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$ 3.00
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14-Jan
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Bought
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1,500
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$ 3.15
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5-Feb
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Sold
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1,000
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|
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22-Feb
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Bought
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2,000
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$ 3.20
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7-Mar
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Sold
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1,500
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15-Mar
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Sold
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2,000
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5-Apr
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Bought
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1,000
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$ 3.25
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10-Apr
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Sold
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800
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12-Apr
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Sold
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800
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22-Apr
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Sold
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500
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4-May
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Sold
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600
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10-May
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Bought
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2,000
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$ 3.30
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25-May
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Sold
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500
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FIFO method (scroll down for Weighted Average entry area)
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Balance
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units
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cost
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total
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3500
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$ 3.00
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$ 10,500.00
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2. Complete journal entries for the following transactions related to accounts receivable and the allowance for doubtful accounts:
1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance for doubtful accounts.
2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay.
3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill.
4. On July 31, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780
The company uses an aging method to calculate the desired allowance balance.
An accounts receivable aging shows the following:
30 days or less = $68,500
31 -60 days = $10,400
61-90 days = $4,300
Over 90 days = $1,200
The company wants an ending reserve equal to:
30 days or less = 1%
31-60 days = 3%
61-90 days = 5%
over 90 days = 15%
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