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The Miller Company earned $109,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During

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The Miller Company earned $109,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $75,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3 % of its sales on account. The amount of uncollectible accounts expense recognized on the Year 2 income statement was Multiple Choice $34,000 $3,270 $2,250 The amount of uncollectible accounts expense recognized on the Year 2 income statement was: Multiple Choice $34,000. $3,270. $2.250 $1,020 Glasgow Enterprises started the period with 65 units in beginning inventory that cost $3.40 each. During the period, the company purchased inventory items as follows. Glasgow sold 335 units after purchase 3 for $3.40 each Purchase No. of Items Cost $3.90 1 310 $4.00 2 145 $4.40 3 60 Glasgow's ending inventory under weighted average would be approximately: (Round your intermediate calculations to 2 decimal places.) Multiple Choice- $967 $1,313. Glasgow's ending inventory under weighted average would be approximately: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $967 $1,313 $759 $960. The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase May 7 second purchase May 17 Third purchase@ May 23 Sales @ May 31 500 units@ $2.60 600 units@ $2.80 800 units@ $2.90 400 units@$3.00 1,800 units@ $4.50 Determine the weighted average cost per unit (rounded) for May Multiple Choice $2.89 $4.50 C Determine the weighted average cost per unit (rounded) for May. Multiple Choice $2.89 $4.50 $2.78 $2.83 Determine the weighted average cost per unit (rounded) for May. Multiple Choice $2.89 $4.50 $2.78 $2.83 Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $52. The other, purchased in February cost $70. One of the items was sold in March at a selling price of $200. Assuming that Poole uses a LIFO cost flow, which of the following statements is correct? Multiple Choice The amount of cost of goods sold would be $52. The amount of gross margin would be $130. ending inventory would be $70. The balance in The amount of ending inventory would be $61.00 Hoover Company purchased two identical inventory items. The item purchased first cost $36.50. Th item purchased second cost $40.25 Then Hoover sold one of the inventory items for $70. Based on this information, the amount of Multiple Choice cost of goods sold is $36.50 if Hoover uses the LIFO cost flow method ending inventory is $40.25 if Hoover uses the UFO cost flow method. gross margin is $31.62 if Hoover uses the welghted average cost flow method. cost of goods sold is $40.25 if Hoover uses the FIFO cost flow method

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