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The inventory records for Radford Co. reflected the following 1 لا o لا Beginning inventory @ May 1 First purchase @ May 7 se
Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 w
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Answer #1
1
Under LIFO, inventories purchased last are assumed to be sold first
Cost of goods sold:
From Third purchase 4840 =1100*4.40
From Second purchase 6450 =1500*4.30
From First purchase 5460 =1300*4.20
Cost of goods sold using LIFO 16750
2
Days past due Amount % uncollectible Amount uncollectible
Current 56000 1% 560
0-30 23500 5% 1175
31-60 5360 10% 536
61-90 2520 25% 630
Over 90 2200 50% 1100
Total 89580 4001
Estimated amount uncollectible 4001
Less: Balance in Allowance for Doubtful accounts 630 =3020-2390
Uncollectible accounts expenses for Year 2 3371
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