Question: I need help with this homework. I've fallen a little behind on this course. I need answers please. There are two problems this week. Click
I need help with this homework. I've fallen a little behind on this course. I need answers please.

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2. Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework: units 1-Jan 14-Jan 5-Feb 22-Feb 7-Mar 15-Mar 5-Apr 10-Apr 12-Apr 22-Apr 4-May 10-May 25-May Beginning inventory Bought Sold Bought Sold Sold Bought Sold Sold Sold Sold Bought Sold 3,500 1,500 1,000 2,000 1,500 2,000 1,000 800 800 500 600 2,000 500 price $ $ 3.00 3.15 $ 3.20 $ 3.25 $ 3.30 FIFO method (scroll down for Weighted Average entry area) Purchased Date units cost total 1-Jan Sold units 1 cost total Balance units cost 3500 $ 3.00 $ total 10,500.00 Weighted Average Method Date 1-Jan units Purchased cost Sold total units 2 cost total Balance units cost 3500 $ 3.000 $ total 10,500.00 3 Complete journal entries for the following transactions: 1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance. 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% 1
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