Easton Company uses the periodic inventory system
-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
100
$10
5/5
Purchase
225
$12
5/15
Purchase
240
$14
5/25
Purchase
225
$16
Sales were 530 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
-Dorchester Company had the following balances at the end of 2018 and 2019 respectively:Net Credit Sales – $990,000 for 2018 and $1,102,000 for 2019.
Accounts Receivable – $80,000 for 2018 and $99,000 for 2019.
Allowance for Doubtful Accounts – $6,000 for 2018 and 7,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
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
$150,000
< 30 days old
99%
80,000
30 to 60 days old
93%
20,000
61 to 120 days old
75%
8,000
> 120 days old
12%
The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.