The following aging information pertains to Jacobsen Co.'s accounts receivable at December 31, 2021: Red out of Days Outstanding Estimated % Uncollectible Amount ag tion 0-30 2% 31-60 5% $ 438,000 158,000 118,000 138,000 61-120 10% Over 120 20% During 2021, Jacobsen wrote off $19,800 in receivables. Jacobsen's December 31, 2020, allowance for uncollectible accounts was $49,000 credit. Using the balance sheet approach, what amount of bad debt expense should Jacobsen report for 2021? Select one: A. $31,600. B. $26,860 C. $36,260. D. $56.060 12 Nu Company reported the following pretax data for its first year of operations. at of Net sales $2820 $2420 Cost of goods available for sale Operating expenses n $680 Income tax rate 20% [ Ending inventories: FI If LIFO is elected $920 If FIFO is elected Tin $1200 What is Nu's net income if it elects FIFO? Select one: A. $1600. B. $920. C. $736. n82 Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1500 gallons @ $8.25 per gallon Purchases: Mar. 10 Mar. 16 Mar. 23 700 gals @ $ 8.25 900 gals @ $ 8.30 700 gals @ $ 8.35 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 500 gals 800 gals 600 gals 800 gal Ending inventory assuming LIFO in a periodic inventory system would be: Select one: A. $9020. O B. $9135. O C. $9075. O D. $9035. Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $67,500 and $125,000, net purchases at cost and retail were $334,300 and $485,000, and sales during the first six months totaled $495,000. The estimated inventory at June 30, 2021, would be closest to: Select one: A. $72,450. B. $59,250. O C. $75,750. O D. $67,500. On July 8, a fire destroyed some merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: $ 686,000 Sales, January 1 through July 8 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio Merchandise salvaged from the fire $ 131,000 $ 659,000 22% $ 110,000 What is the estimated inventory loss on July 8 due to the fire? Select one: A. $535,080. B. $144,920. C. $254,920. D. $255,520