25-26. At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,700 ustment. The company estimates future uncollectible accounts to be 4% of credit year total $580,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-receivables method Date Account Debit Credit 27. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: $150,000 $158,000 C. $142,000 D. $170,000. 28. Given the information below, what is the gross profit? $320,000 Sales revenue 50,000 Accounts receivable 100,000 Ending inventory 250,000 Cost of goods sold 20,000 Sales Retuns $250,000 B. $70,000 $220,000 $50,000