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18. Lawson Manufacturing Company has the following account balances at year end: $ 4,000 27,000 59,000 102,000 6,000 Office supplies Raw materials Work-in-process Finished goods Prepaid insurance What amount should Lawson report as inventories in its balance sheet? a. $102,000. b. $106,000. c. $188,000. d. $192,000. 19. Wellington Corp. has outstanding accounts receivable totaling $1.27 million as of December 31 and sales on credit during the year of $6.4 million. There is also a debit balance of $3,000 in the allowance for doubtful accounts. If the company estimates that 1% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? a. $12,700. b $13,700. c. $61,000 d. $67,000. 20. Hite Co. was formed on January 2, 2014, to sell a single product. Over a two-year period, Hite's acquisition costs have increased steadily. Physical quantities held in inventory were equal to three months' sales at December 31, 2014, and zero at December 31, 2015. Assuming the periodic inventory system, the inventory cost method which reports the highest amount of each of the following is Inventory Cost of Sales LIFO LIFO FIFO FIFO FIFO LIFO FIFO LIFO b. C. d. 21. Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 360 units that cost $65 each. During the month, the company made two purchases: 540 units at $68 each and 270 units at $70 each. Chess Top also sold 900 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? a $60,786. b. $58,500. c. $61,470 d. $60,120