$!!!$### Revenue Recognition and Bad Debt Expense:

Company XYZ makes a sale of $$50,000$ on account during the month. Historically, $5\%$ of credit sales are uncollectible. Make journal entries to recognize the revenue and record the estimated bad debt expense.

Inventory Valuation and COGS:

ABC Corp. purchases inventory for $$100,000$ and incurs $$20,000$ in additional costs related to transportation and handling. The company uses the FIFO method for inventory valuation. Calculate the cost of goods sold $($COGS$)$ when $80\%$ of the inventory is sold for $$150,000.$