A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable Less: Allowance for bad debts $ 425,000 (18,000) $ 407,000 The company's accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 2,600,000 2,375,000 30,000 41,000 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co, as of that point in time. (Hint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) At December 31, 2020 Accounts receivable Less Allowance for bad debts Accounts receivable (Not) The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Unit Cost $ 60 66 Total Cost $ 9,000 4,620 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 5@ (100) 79 72 6,300 10,080 76 3,800 Required: a. Assume that Kuffel Co. uses a periodic Inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and UFO. b. Assume that Kuffel Co. uses a perpetual Inventory system. Calculate cost of goods sold and ending inventory under FIFO and UFO. FIFO LIFO Cost of goods sold Ending inventory