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Question - Highway Corporation had a 1/1/ 18 balance in the Allowance for Doubtful Accounts of $14,700 and a balance in Accounts Receivable of $278,000. Highway estimates that 5% of total credit sales will prove to be uncollectible. The company also reported the following:
Credit Sales $325,000
Cash collections 268,400
Write-offs 8,600
Recoveries 2,500
Required - What should Highway report as the net realizable value of accounts receivable at 12/31/18?
Why is it important to periodically take a physical inventory when using a perpetual inventory system?Discuss what is perpetual inventory system
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On August 15, it sold 34 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale
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