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What the net realizable value of Miller receivables

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Q1. The Miller Company recognized $127,000 of service revenue earned on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $84,000 of cash from accounts receivable. The company estimates that it will be unable to collect 3% of its sales on account. What the net realizable value of Miller's receivables at the end of Year 2?

A. $46,810

B. $43,000

C. $39,190

D. $40,480

Q2. Anton Company uses the perpetual inventory method. Anton purchased 480 units of inventory that cost $5 each. At a later date the company purchased an additional 660 units of inventory that cost $10 each. If Anton uses the FIFO cost flow method and sells 800 units of inventory, what the amount of cost of goods sold?

A. $8,000

B. $5,600

C. $4,000

D. $7,400

Reference no: EM133040807

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