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Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $180,000 < 30 days old 98% 65,000 30 to 60 days old 89% 35,000 61 to 120 days old 75% 10,000 > 120 days […]
ton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 150 $10 5/5 Purchase 160 $12 5/15 Purchase 320 $14 5/25 Purchase 340 $16 Sales were 470 units at $20. Using the FIFO method, determine the dollar […]
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 125 $10 5/5 Purchase 250 $12 5/15 Purchase 220 $14 5/25 Purchase 250 $16 Sales were 550 units at $20. Using the LIFO method, determine the dollar […]
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