The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $72 $2,304 Sale No. 1 10 Purchase No. 1 28 80 2,240 Sale No. 2 32 Purchase No. 2 20 76 1,520 Totals 80 $6,064 42 Assuming Sox, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)