Instructions: Please limit your discussion for all the questions, not each question, to no more than 200 words. Answers should be provided in your own words; evidence of plagiarism will attract a score of “0”. Please refer to the university’s policy on Academic Honesty.
Note: There are PowerPoint slides posted under the Files section that provide an excellent summary of the book chapters. These slides can be used along with the eBook found on Cengage to provide answers to the discussion questions below.
1. Johnson Inc. began the year with $157,850 of accounts receivable. During the year, Johnson Inc. sold a considerable amount of merchandise on credit and collected $1,213,500 of its credit sales. At the end of the year, the accounts receivable balance is $8,400 higher than the beginning balance.
Calculate the amount of credit sales during the period (show workings).
2. Why are inventories written down to the lower of cost or net realizable value?
3. Describe how a company determines cost of goods sold.
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