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(The following information applies to the questions displayed below.) Viper Company began year 2011 with 22,000 units of product in its January 1 inventory costing $15.40 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 39,000 units of its product remain inventory. Mar. 7 May. 25 Aug. 1 Nov. 10 32,000 units @ $18.40 each 34.000 units @ $22.40 each 24,000 units @ $24.40 each 35,000 units @ $27.40 each 3 . value: 4.00 points Required: 1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.) units Number of units available for sale Cost of the units available for sale $ 4. value 16.00 points 2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) (a) FIFO periodic Total cost of units available for sale Less ending inventory on a FIFO basis Cost of units sold (b) Weighted average cost periodic Total cost of units available for sale Less ending inventory on a weighted average cost Cost of units sold 5. value: 13.00 points Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2012, accounts receivable were presented in the company's statement of financial position as follows: Accounts receivable from clients Less: Allowance for Impairment $ 3,100,000 80,000 During 2013, $170,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $16,000 were subsequently collected. At the end of 2013, an aging of accounts receivable indicated a need for a $234,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. 1.One entry to summarize all accounts written off against the Allowance for Impairment during 2013. 2.Entries to record the $16,000 in accounts receivable that were subsequently collected. 3. The adjusting entry required at December 31, 2013, to increase the Allowance for Impairment to $234,000. a. Prepare the above general journal entries: (Omit the "$" sign in your response.) General Journal Debit Credit Date 2013 Var. (Click to select) (Click to select) (Click to select) (Click to select) Var. Var (Click to select) (Click to select) 111 Dec 31 (Click to select) (Click to select) 6. value: 13.00 points Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due Current 1-30 31-60 6190 Over 90 $ 60,000 $ 40,000 $ 25,000 $ 12,000 $ 2,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2% 4 16 40 90 The company uses a statement of financial position approach to estimate credit losses. a. Record the company's impairment loss of receivable, assuming it has a $1,400 credit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.) Debit Credit General Journal (Click to select) (Click to select) b. Record the company's impairment loss of receivable, assuming it has a $1,600 debit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.) General Journal Debit Credit (Click to select) (Click to select)
