complete the bottom of the page "weighted out method" section for FIFO

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2. Compute the ending inventory using the FIFO and the weighted average method below. Use the perpetual method for both. These are the same transactions used in week 3 homework: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold 3,500 1,500 1,000 2,000 1,500 2,000 1,000 800 800 500 600 2,000 500 price $ $ 3.00 3.15 $ 3.20 $ 3.25 $ 3.30 FIFO method (scroll down for Weighted Average entry area) Purchased Date units cost total 1-Jan 14-Jan 1500 $ 3.15 $ Sold units 1000 $ 2000 $ 3.20 $ Balance units cost 3500 $ 3.00 $ total 4,725.00 5-Feb 22-Feb cost 3.00 $ 3,000.00 6,400.00 total 10,500.00 3500 $ 1500 $ 3.00 $ 3.15 $ 10,500.00 4,725.00 2500 $ 1500 $ 3.00 $ 3.15 $ 7,500.00 4,725.00 2500 $ 1500 $ 2000 $ 3.00 $ 3.15 $ 3.20 $ 7,500.00 4,725.00 6,400.00 7-Mar 1500 $ 3.00 $ 4,500.00 1000 $ 1500 $ 2000 $ 3.00 $ 3.15 $ 3.20 $ 3,000.00 4,725.00 6,400.00 15-Mar 1000 $ 1000 $ 3.00 $ 3.15 $ 3,000.00 3,150.00 500 $ 2000 $ 3.15 $ 3.20 $ 1,575.00 6,400.00 500 $ 2000 $ 1000 $ 3.15 $ 3.20 $ 3.25 $ 1,575.00 6,400.00 3,250.00 5-Apr 1000 $ 3.25 $ 3,250.00 10-Apr 500 $ 300 $ 3.15 $ 3.20 $ 1,575.00 960.00 1700 $ 1000 $ 3.20 $ 3.25 $ 5,440.00 3,250.00 12-Apr 800 $ 3.25 $ 2,600.00 900 $ 1000 $ 3.20 $ 3.25 $ 2,880.00 3,250.00 22-Apr 500 $ 3.20 $ 1,600.00 400 $ 1000 $ 3.20 $ 3.25 $ 1,280.00 3,250.00 4-May 400 $ 200 $ 3.20 $ 3.25 $ 1,280.00 650.00 800 $ 3.20 $ 2,600.00 800 $ 2000 $ 3.25 $ 3.30 $ 2,600.00 6,600.00 300 $ 2000 $ 2300 3.25 $ 3.30 $ $ 975.00 6,600.00 7,575.00 Balance units cost 3500 $ 3.000 $ total 10,500.00 10-May 2000 $ 3.30 $ 6,600.00 25-May 500 $ 3.25 $ 1,625.00 EB Weighted Average Method Date 1-Jan 14-Jan units Purchased cost 1500 $ 3.15 $ Sold total 4,725.00 units cost total 5000 Complete journal entries for the following transactions related to accounts receivable and the allowance for doubtful accounts: 1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance for doubtful accounts. 2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay. 3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill. 4. On July 31, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780 The company uses an aging method to calculate the desired allowance balance. An accounts receivable aging shows the following: 30 days or less = $68,500 31 -60 days = $10,400 61-90 days = $4,300 Over 90 days = $1,200 The company wants an ending reserve equal to: 30 days or less = 1% 31-60 days = 3% 61-90 days = 5% over 90 days = 15%