The following lots of Commodity Z were available for sale during the year. Beginning inventory 12 units at $50 First purchase 19 units at $54 Second purchase 51 units at $59 Third purchase 17 units at $59 The firm uses the periodic system, and there are 29 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa $1,450 Ob. $5,638 Oc. $1,711 Od $1,518 Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $6,400. If an amount box does not require an entry, leave it blank. 6,000 April 1 Accounts Receivable Sales 6,000 6,400 April 1 Cost of Goods Sold Inventory 6,400 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Bad Debt Expense Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Bad Debt Expense Oct 11 Cash Accounts Receivable-Jim Dobbs