Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Company A Company B Company C Net income $335 $ $230 Sales 870 530 Gross profit 445 335 Operating expenses 125 Cost of goods sold 560 Using the lower of cost or market, what should the total inventory value be for the following items: Inventory Cost Market Value Total Cost Total Market Lower of Cost or Item Quantity per Unit per Unit Price Price - Market 202 $12 $2,020 $10 $15 $1,230 $2,424 $1,066 $1,064 $13 $28 $25 $950 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $256,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? 4,680 4,680 3,680 a. Bad Debt Expense Allowance for Doubtful Accounts Ob. Bad Debt Expense Allowance for Doubtful Accounts O c. Bad Debt Expense Allowance for Doubtful Accounts Od. Bad Debt Expense Allowance for Doubtful Accounts 3,680 4,180 4,180 5,680 5,680