What is the amount of inventory purchases in fiscal year

Assignment Help Financial Accounting

Reference no: EM133560914

Question: Accounts Receivables and Inventory

Please consider the Income Statement and Note 18 (Supplemental information) for General Mills below and answer the following questions. Assume revenue is presented gross of bad debt expense.

Assume that the Company charged $16 million as bad debt expense in 2020. Compute the amount of bad debts written off in 2020.
Compute the amount of cash collected from customers during the year ended May 31, 2020.

What cost flow assumption(s) for inventories does General Mills use?

Suppose that General Mills had in all periods used FIFO as their cost flow assumption for all their inventories. What would have been General Mills' book value of inventories at the end of fiscal year 2020 under this alternative cost flow assumption?

What is the amount of inventory purchases in fiscal year 2020?

If General Mills had used FIFO as a cost flow assumption for all of their inventories, recalculate the value of COGS on a FIFO basis in fiscal year 2020.

Reference no: EM133560914

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