FIFO, LIFO

Income statment, Statement of retained earnings, and balance sheet

Account receivable

Direct Write-off method

Date 1/06/2022 2/16/2022 7/06/2022 7/08/2022 8/15/2022 9/01/2022 9/20/2022 10/10/2022 12/01/2022 Description Purchased Purchased Sold Purchased Sold Sold Purchased Sold Purchased Quantity 6 Items @ $5 per item 5 items @ $6 per item 6 items 4 items @ $7 per item 5 items 3 items 7 items @ $8 per item 4 items 3 items @ $9 per item $30 sold 6 $30 sold 5 $ (30.00) $28 sold 3 $ (30.00) $ (21.00) $56 sold 3 $ (31.00) $27 $59 -30 sold 1 -30 -21 -7 -24 $ 112.00_COGS a. Calculate both the ending Inventory and the COGS using the FIFO method. $59 ending inventory b. Prepare the income statement assuming the company had sales of $500 Income Stmt $ Net Income DE 20 121/2022 4/04/2023 7/26/2022 1/2012 2/2022 022/2012 11/22/02 Purchased Purchased Sold Purch Sold Purchase Sold Sold Purchased MY Altem $20 per Sme $19 pertum Sitems iti per im ms Game $17 pertam 2 Bits 516 1 2. Calculate the memory and the Cathemathod parehe in Statement, tatement of Retened Caming and hence the company had cath sales of $100.000 41 Balance Sheet Sim Income Stmt Labtes 5 Equity End R/E Net Income Net Income You have a 5343,139 balance in Account Receivable which cost of the following accounts Account Recievable Customer1 $ 125,546 Customer 2 $ 75.655 Customer $ 30,128 Customer $ 90456 Customers 5 21.354 3.143.139 Total Balance in A/R a) Vivective notice that customers have both file for bankruptcy. Under the Direct Write Off Method, prepare the financial statements below Banco Sot Labi Asset Equity Sunt Incorrest canh VA End Net Net nome End RE 10) Sales for the month are shown below: Sales Sales 2 Sales Sales 4 Sales 5 s $ 3 5 $ 1,354 25% of sale was on credit 4,856 Box of sale was on credit 5,697 45% of sale was on credit 3,529 50% of sale was on credit 1.598 59% of sale was on credit 17,034 a) Prepare your financial statements using the above information b) Under the alowance method you determine that of your ending account receivables will be uncolectible. Adjust your financialitatements to reflect Balance Sheet Simor Income Stint Asset 5 Louny End RVE Net Income Net Income