The following is information related to Klugman Company: The allowance for uncollectible accounts had a debit balance of $800 on January 1, 2013. During the year, bad debts of $600 were written off. The sales on credit during the year were $200,000. Accounts receivable aging schedule is presented below along with the estimated uncollectible expressed as a percent for each age group: Days past Due Klugman Co., Inc. Schedule of account Receivable by Age December 31, 2013 Accounts Estimated Percent Receivable Balance Uncollectible $ 45,000 1% 15,000 3% 5,000 5% 2.000 10% Estimated Allowance Current 1-30 31-60 Over 60 ? ? ? 2 2 Redired: statement for Junts, and vnin ce 40.5% O E es wirement 1 apying the nig of reivable Q2: Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27.500 Purchases January 10: 500 units @ $60 January 20 1,000 units @ $63 Sales January 12. 800 units January 28 750 units Required: 1. Compute the ending inventory and cost of goods sold assuming Denver uses FIFO. 2. Compute the ending inventory and cost of goods sold assuming Denver uses average cost and a periodic inventory system. 3. Compute the ending inventory and cost of goods sold assuming Denver uses average cost and a perpetual inventory system