HW CH#5 Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. 2 A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: 10 points Accounts receivable Less: Allowance for bad debts $ 425,000 (18,000) $ 407,000 The company's accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 2,600,000 2,375,000 30,000 41,000 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) X Answer is complete but not entirely correct. At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 21,800 X 3,800 X $ 18,000 3 The following data are available for Sellco for the fiscal year ended on January 31, 2020: 10 points Sales Beginning inventory Purchases, in chronological order 760 units 230 units @ $4 330 units @ $ 4 410 units @ $ 6 200 units @ $ 7 eBook Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) Ask Print FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory $ 8,000 $ 5,800 $ 10,300 $ 3,500 $ 9,200 $ 4,600 References b. Assume that net income using the weighted average cost flow assumption is $13,800. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO