2910

The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts Beginning Balance $2,912 139 Ending Balance $3,833 163 During the accounting period, Ourso recorded $11,900 of sales revenue on account. The company also wrote off a $170 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1180 and the other, $1,460. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of following cost flow assumptions: a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods sold Ending inventory Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 160 units at $44 per unit. During the year, Cortez made two batch purchases of this chalr. The first was a 325-unit purchase at $49 per unit; the second was a 370-unit purchase at $51 per unit. During the period, it sold 545 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) FIFO LIFO Welged Average Cont of goods sold Ending inventory