Martinez Produce estimates bad debt expense at 1/2% of credi…

Martinez Produce estimates bad debt expense at 1/2% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2020. During 2021, Martinez’ credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off.Martinez’ 2021 bad debt expense is:

Junk Jewelers started business January 1, 2021, and uses the…

Junk Jewelers started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2021: Cost RetailBeginning inventory$15,000  $23,000 Purchases 49,000   78,000 Freight-in 2,500     Purchase returns 1,700   2,600 Net markups     2,000 Net markdowns     4,100 Net sales     70,600 Employee discounts     700 The denominator for the current period’s cost-to-retail percentage is:

Company A is identical to Company Z in every respect except…

Company A is identical to Company Z in every respect except that Company A uses LIFO and Company Z uses average costs. In an extended period of rising inventory costs, Company A’s gross profit and inventory turnover ratio, compared to Company Z’s, would be: Gross Profit Inventory Turnovera.higher higherb.higher lowerc.lower lowerd.lower higher

Northwest Fur Co. started 2021 with $94,000 of merchandise i…

Northwest Fur Co. started 2021 with $94,000 of merchandise inventory on hand. During 2021, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. Northwest uses a perpetual inventory system.What is ending inventory assuming Northwest uses the gross method to record purchases?