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Licemer1 [7]
3 years ago
5

A company has the following aging schedule of its accounts receivable with the estimated percent uncollectible:______.

Business
1 answer:
vodomira [7]3 years ago
4 0

Answer: $14,000

Explanation:

Estimated Uncollectible = (4% * 175,000) + ( 10% * 40,000) + ( 30% * 10,000) + (60% * 5,000)

= 7,000 + 4,000 + 3,000 + 3,000

= $17,000

The credit balance on the Allowance account will be used to account for some of the uncollectibles. The remaining amount will be the year-end adjusting entry;

= 17,000 - 3,000

= $14,000

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Costs from Beginning Inventory Costs from Current Period
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Answer:

$30.59

Explanation:

<em>Note that the FIFO method is used for this question</em>

Equivalent Units

Materials =  5,200 x 100 % + 300 x 100 % = 5,500

Conversion Costs = 400 x 55 % + 5,200 x 100 % + 300 x 35 % = 5,525

Total Costs

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Cost per Equivalent unit

Materials =  $25,200/5,500 =  $4.58

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Total Cost = $4.58 + $26.01 = $30.59

<u>Conclusion</u>

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