acct220 week 4 homework

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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.  Use the perpetual method for both.  These are the same transactions used in week 3 homework:
            
   units  price         
01-JanBeginning inventory             3,500 $                        3.00        
14-JanBought             1,500 $                        3.15        
05-FebSold             1,000         
22-FebBought             2,000 $                        3.20        
07-MarSold             1,500         
15-MarSold             2,000         
05-AprBought             1,000 $                        3.25        
10-AprSold                 800         
12-AprSold                 800         
22-AprSold                 500         
04-MaySold                 600         
10-MayBought             2,000 $                        3.30        
25-MaySold                 500         
            
FIFO method (scroll down for Weighted Average entry area)        
 Purchased Sold Balance
Dateunits cost  total  units cost  total  units cost  total 
01-Jan        3500 $        3.00 $              10,500.00
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
Weighted Average Method          
 Purchased Sold Balance
Dateunits cost  total  units cost  total  units cost  total 
01-Jan        3500 $     3.000 $              10,500.00
            
  
 Complete journal entries for the following transactions related to accounts receivable and the allowance for doubtful accounts: 
        
 1. Sales for the month of June were $75,000.  Using a percentage allowance method of 1% record the allowance for doubtful accounts.
        
 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%     
         
            
            
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