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Bmgt220 Week 4 Homework Solutions

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BMGT220 Week 4 homework solutions
Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-4-homework-solutions/ 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%…...

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