Chapter 7 pt.3

The records of Flounder Company at the end of the current year show Accounts Receivable $72.900, Credit Sales $761,400; and Sales Returns and Allowances $37,600. (a) If Flounder uses the direct write-off method to account for uncollectible accounts and Flounder determines that Matisse's $846 balance is uncollectible, what will Flounder record as bad debt expense? Bad debt expense $ (b) If Allowance for Doubtful Accounts has a balance of $1,034 and Flounder concludes bad debts are expected to be 10% of accounts receivable, what will Flounder record as bad debt expense? Bad debt expense $ Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,660 CDs with a unit cost of $7. During March, Concord made the following purchases of CDs. March 5 March 13 2.160 3,290 $8 $9 March 21 March 26 5,420 @ $10 2,080 @ $11 @ During March 12,760 units were sold. Concord uses a periodic inventory system (a) Determine the cost of goods available for sale. The cost of goods available for sale