Bmgt220 Week 4 Homework Solutions

BMGT220 Week 4 homework solutions
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Compute the ending inventory using the perpetual weighted average method below.   These are the same transactions used in week 3 homework:

units price
1-Jan Beginning inventory           3,500 $                     3.00
14-Jan Bought           1,500 $                     3.15
5-Feb Sold           1,000
22-Feb Bought           2,000 $                     3.20
7-Mar Sold           1,500
15-Mar Sold           2,000
5-Apr Bought           1,000 $                     3.25
10-Apr Sold               800
12-Apr Sold               800
22-Apr Sold               500
4-May Sold               600
10-May Bought           2,000 $                     3.30
25-May Sold               500

Problem 2
Complete journal entries for the following transactions:

1. Sales for the month of June, 2014 were $75,000.   Using a percentage allowance method of 1% record the allowance.

2.   On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay

3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill

4. On July 30, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780
    The company uses an aging method to calculate the desired allowance balance.
    An accounts receivable aging shows the following:
30 days or less = $68,500
31 -60 days = $10,400
61-90 days = $4,300
Over 90 days = $1,200
The company wants an ending reserve equal to:
30 days or less = 1%
31-60 days = 3%
61-90 days = 5%
over 90 days = 15%