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    country1's Avatar
    country1 Posts: 4, Reputation: 1
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    #1

    Apr 30, 2012, 01:05 PM
    Accounting
    Allowance for Doubtful Accounts has an unadjusted balance of $800 at the end of the year, and an analysis of accounts in the customers ledger indicates doubtful accounts of $15,000. How do you get the proper provision for doubtful accounts?
    country1's Avatar
    country1 Posts: 4, Reputation: 1
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    #2

    Apr 30, 2012, 01:09 PM
    Accounting
    The inventory data for an item for Nov. Are:
    Nov 1 Inventory 25 units at $20
    10 Purchased 30 units at $21
    30 Purchased 10 units at $22
    Sold 35 units
    Using the fist-in, first-out method, what is the cost of the merchandise inventory of 30 units on Nov. 30?
    Using the last-in, first-out method, what is the cost of the merchandise inventory of 30 units on Nov. 30?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 30, 2012, 02:04 PM
    For FIFO you have 10 units at $22 unit and 20 units at $21 a unit.

    For LIFO you have 25 units at $20 a unit and 5 units at $21 a unit.
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