Allen Company recently reported the following information in its general ledger: Sales Sales discounts Accounts receivable $620,000 2,500 35,000 Calculate Allen's Accounts Receivable Turnover Rate (round your answer to the nearest whole number, for example 45.6789 would round to 46): For the current year, Macon Company's inventory records showed the following information for one of its products: January 1 March 6 July 15 December 15 Total Available for Sale Beginning inventory Purchase Purchase Purchase 1,200 units 500 units 700 units 850 units 3,250 units $5 per unit $5.50 per unit $6 per unit $6.50 per unit $6,000 2.750 4,200 5,525 $18.475 On June 1, Macon sold 1,100 units of product. This was Macon's only sale of this product during the year. Calculate the following: NOTE: For all methods, round your final answer to the nearest whole number, i.e. 456.789 would round to 457. For per unit calculations, round to the nearest hundredth, i.e. 456.789 would round to 456.79. Not following these rounding rules could result in lost points! Also, note that all of your answers will be in dollars!! any a. Cost of goods sold, assuming Macon uses LIFO and the perpetual system of inventory b. Ending inventory, assuming Macon uses LIFO and the perpetual system of inventory c. Cost of goods sold, assuming Macon uses FIFO and the periodic system of inventory d. Ending inventory, assuming Macon uses FIFO and the periodic system of inventory e. Cost of goods sold, assuming Macon uses Average Cost and the perpetual system of inventory f. Ending inventory, assuming Macon uses Average Cost and the perpetual system of inventory Carolina Industries recently calculated the following ratios: 19.63 18.59 Accounts receivable turnover rate Number of days to collect accounts receivable Inventory turnover rate Number of days to sell inventory 20.86 17.5 Calculate the length of Carolina's Operating Cycle. At the end of the year, the unadjusted trial balance for Chewie Company included the following accounts: Sales $3,265,000 Accounts receivable 36,200 Allowance for doubtful accounts 4,800 Each of the listed accounts has a normal balance. During the year Chewie wrote off $3,000 of its accounts receivable. Subsequently, one of the customers whose account was written off made a payment of $500. Part 1: For each of the following independent transactions, write the appropriate adjusting journal entry: 1. According to an aging schedule prepared by Chewie's accounts, they estimate the uncollectible portion of their receivables to be $3.200. [Select] Select) Select] [ Select 2. Chewie estimates that uncollectible account expense is 2% of credit sales. Select] [Select [ Select Select ] Part 2: Chewie Company uses the direct write-off approach to recognizing uncollectible accounts expense.Write the appropriate journal entry, if any, needed. [Select Select) Select [Select)
