There are two problems this week. Click on the tab at the bottom


Question Description:

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I have an assignment I need assistance with. This is within an excel spreadsheet that requires data entry using the FIFO and the weighted average method. Please let me know if this is something you can do. Thank you. 2 pages ACCT220_week_4_homework_problems.xlsx 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 Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 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 units cost total cost Balance units cost 3500 $ 3.00 $ total 10,500.00 total Balance units cost 3500 $ 3.000 $ total 10,500.00 Weighted Average Method Date 1-Jan units Purchased cost Sold total 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% Read more

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