In: Accounting
Please complete a multi step income statement with the information provided. (Not all information provided may be relevant in completing the question).
Inventory Information | ||||
Inventory on hand at the beginning of October: | ||||
Units | Cost / unit | Total Cost | ||
Purchase # 1 | 15 | 60 | $900 | |
Purchase # 2 | 25 | 70 | 1,750 | |
40 | $2,650 | |||
October 2018 transactions related to buying and selling widget inventory | ||||
1-Oct | Sold 30 widgets at $125 each on credit | |||
3-Oct | Purchased 60 widgets at a cost of $80 per widget on credit | |||
10-Oct | Sold 45 widgets at $150 each on credit | |||
20-Oct | Purchased 40 widgets at a cost of $85 per widget on credit | |||
24-Oct | Sold 35 widgets at $165 each on credit | |||
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955. |
Beginning Inventory | Units | Cost / unit | Cost |
15 | 60 | 900 | |
25 | 70 | 1,750 | |
40 | 2,650 |
Number of Days Outstanding | ||||||
Total | 0-30 | 31-60 | 61-90 | 91-120 | over 120 | |
Accounts Receivable | $ 163,075 | $146,768 | $ 6,523 | $ 3,262 | $ 4,892 | $ 1,631 |
% Uncollectible | 0.02 | 0.06 | 0.075 | 0.08 | 0.09 | |
Estimated Uncollectible | $ 4,109 | 2,935 | 391 | 245 | 391 | 147 |