Record the entry to adjust allowance for uncollectible accounts at the year-endHazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $93,300 in inventory of its only product.The beginning inventory consisted of the following layers:

5,100 units at $7 per unit		$	35,700
7,200 units at $8 per unit			57,600
Total		$	93,300

During 2016, 7,100 units were purchased at $9 per unit and during 2017, 9,200 units were purchased at $10 per unit. Sales, in units, were 9,200 and 16,400 during 2016 and 2017, respectively.

Required:
1.	Calculatecostof goods sold for 2016 and 2017.

2.	Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2016 and 2017.
	Is the LIFO liquidation a profit or loss for 2016 and 2017? This is also part of the question

A summary of Klugman Company's December 31, 2016, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:

Age Group	Amount		%
060 days	$63,000		.5
6190 days	23,500		1.0
91120 days	3,300		10.0
Over 120 days	1,000		50.0

The allowance for uncollectible accounts had a balance of $1,430 on January 1, 2016. During the year, bad debts of $780 were written off.

Required:

Prepare all journal entries for 2016 with respect to bad debts and the allowance for uncollectible accounts.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Part 1

• Record the entry to write-off specific accounts

Part 2

Record the entry to adjust allowance for uncollectible accounts at the year-end