Ashby Park & Co. had a credit balance of $535,000 in its allowance for uncollectible accounts at December 31, 2020. Based on the company's collections history, 2% of gross accounts receivable have been uncollectible. During 2021, Ashby Park wrote off $665,000 of accounts receivable and gross accounts receivable at the end of 2021 is $18,750,000. What is the bad debt expense for 2021?

rev: 10_27_2020_QC_CS-238222

Multiple Choice

• $245,000.

• $910,000.

• $505,000.

• $375,000

The Sylvain Mykyta Group works with a periodic inventory system. During its first year of operations, Sylvain Mykyta made the following purchases (listed in chronological order of acquisition):

• 53 units at $139 per unit
• 135 units at $142 per unit
• 183 units at $122 per unit

Sales for the year totaled 335 units, leaving 36 units on hand at the end of the year.

In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO minus the ending inventory balance under LIFO results in a difference of:

Multiple Choice

• $(612).

• $53.

• $612.

• $0.