Greyson Pet Supplies Corporation (GPSC) You are still helping your friend Zachary. He has asked you to complete several tasks. TASK 1: Adjust the Allowance for Uncollectible Accounts. At December 31, 2020, GPSC's unadjusted accounts receivable balance is $15,065 (total). The unadjusted Allowance for Uncollectible Accounts is $780 (credit). Zachary has provided you with the following aged accounts receivable report at December 31, 2020 and the estimated uncollectible percentage based on age. GPSC - Accounts Receivable (December 31) Customer A Customer B Customer C Customer D Customer E Customer F Customer G Customer H TOTAL AGE OF ACCOUNTS 0 - 30 days 31 - 60 days 61 - 90 days Over 90 days $ 340 $ $ 480 $ 450 1,250 400 260 340 800 1,450 650 670 400 125 1,650 470 780 100 380 360 670 840 680 890 430 200 $ 5,750.00 $ 3,700.00 $ 3,100.00 $ 2,515.00 Estimated uncollectible 0.5% 1.0% 6.0% 40.0% a. Required: Based on the aging-of-receivables method, calculate the allowance for uncollectible accounts at December 31, 2020. Show all supporting calculations. b. Prepare the journal entry to record the adjustment required for the allowance for uncollectible accounts. Zachary completed the inventory count on December 31, 2020 and determined that there is an impairment in value for certain merchandise inventory items. The historic cost for these items is $12,000 and their net realizable value is $9,500. Required: Prepare the journal entry to record the inventory impairment. Zachary is confused with the difference between the periodic and perpetual inventory systems when the weighted average method has been used. He wants you to provide an example that can help him to better understand the differences between the two methods. To help with this task, he has provided two data sets. 3A. Data Set #1: December 1, 2020 December 5, 2020 December 18, 2020 Beginning inventory Inventory purchase Inventory purchase 50 units 50 units 20 units Unit Cost $10 $15 $20 Assume that 80 units are sold on December 31, 2020, 80 units are sold and the selling price was $20 per unit. Required - TASK 3A: (Round calculations to 2 decimal places and show all supporting calculations.) a. Calculate the periodic ending inventory balance on December 31, 2020 in dollars ($) and units using the weighted average method. b. Calculate the periodic Cost of Goods Sold and Gross Profit for the month ending December 31, 2020 in dollars ($) using the weighted average method. 3B. Data Set #2: December 1, 2020 December 5, 2020 December 18, 2020 Beginning inventory Inventory purchase Inventory purchase 50 units 50 units 20 units Unit Cost $10 $15 $20 Assume that 80 units are sold during the month of December, 2020, as follows: December 10, 2020 December 28, 2020 Sale Sale 20 units 60 units Sales Price per Unit $15 $20 Required - TASK #3B: Show all supporting calculations. a. Calculate the perpetual ending inventory balance on December 31, 2020 in dollars ($) and units using the weighted average method. b. Calculate the perpetual Cost of Goods Sold and Gross Profit for the month ending December 31
