Assume the following data for Casper Company before its year-end adjustments: Unadjusted Balances
DebitCredit
Sales $1,750,000
Cost of Merchandise Sold$1,000,000
Estimated Returns Inventory600
Customer Refunds Payable 400
Estimated cost of merchandise that will be returned in the next year$8,000
Estimated percent of refunds for current year sales0.6%
a. Journalize the adjusting entry for the estimated customer allowances.

Sales
Customer Refunds Payable
Feedback

b. Journalize the adjusting entry for the estimated customer returns.

Estimated Returns Inventory
Cost of Merchandise Sold

Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?