while analyzing this i wasng able to understanf the allowance method?

1. Using the allowance method, please walk us through all of the different journal entries and steps related to that including how we determine the amount of bad debt, what the journal entry is when we recognize the allowance, what the journal entry is when we actually write off the debt and what happens if the customer pays us after the fact. Do you agree with how bad debt is handled and are we leaving room for manipulation of the numbers? 2. Contrast the effect of LIFO versus FIFO on reported assets when prices are rising and prices are falling? Do you think that we really need these methods or could we just require everyone to use the average costing method? Explain