Exercise 6-4 Ayayai Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 153 tents. This consists of 50 tents at a cost of $209 each and 103 tents at a cost of $223 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 72 $430 10 192 $273 17 237 430 24 315 293 30 205 430 Determine the cost of goods sold and the cost of the ending inventory using FIFO.

Trinity trucking signs a contract with olsen oil to purchase all of the fuel for its fleet of trucks for the next year from olsen at a price of $3.00 per gallon. at the time trinity and olsen sign the contract, the market price for gasoline was $3.25 per gallon, and trinity had an expert report predicting that the price would rise to at least $4.25 per gallon in the upcoming six months. instead, the price dropped to $2.00 per gallon. may trinity rescind the contract with olsen due to its mistaken belief about the future of the price of gasoline?

Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?

Goldman services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard. the clerk has not yet been adequately trained on the maintenance needs of the equipment. which internal control procedure needs strengthening?