The following is information taken from the June 30, 2020, balance sheet of Tippleton Company: Accounts receivable Less: Allowance for doubtful accounts $230,000 10,100 $219,900 Part 1 , . Collections during July were $659,000. Total receivables identified as being uncollectible and written off during July were $11,000. Tippleton estimates bad debts as 1% of net credit sales. Required: Prepare the adjusting entry to record estimated bad debts for July View transaction list Journal entry worksheet Record the estimated uncollectible accounts. Note: Enter debits before credits General Journal Debit Credit Date Jul 31 Record entry Clear entry View general journal The following information concerns several of the inventory items at DC's. Net Realizable Value Quantity Unit Cost Description Department A: Model XP 235 Model XP 376 Model XP 522 Department B: Model ZY 114 Model ze 232 Model ZY 183 88 113 98 $ 24.80 28.65 21.90 $ 23.60 26.90 22.65 53 62 50 76.90 101.90 146.90 76.90 96.90 145.00 1. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of cost or net realizable value for each item separately. 2. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of total cost or total net realizable value. 3. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of total cost or total net realizable value by department. (Round your answers to 2 decimal places.) Inventory valuation -NM