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Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,900. The cost of the merchandise is $7,900. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable 6,900 Sales 6,900 7,900 April 1 Cost of Goods Sold Inventory 7,900 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. 2,300 June 10 Cash Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts 2,300 4,600 Oct. 11 Reinstated the account of Jim Dobbs and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs 4,600 Allowance for Doubtful Accounts 4,600 Oct. 11 Cash 4,600 Accounts Receivable-Jim Dobbs 4,600 Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost Mar. 3 Purchase 1 $830 10 Purchase 1 840 19 Purchase 1 880 Total 3 $2,550 Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ 295 $ 1,720 b. Last-in, first-out (LIFO) 245 1,670 $ $ C. Average cost 275 $ 1,700