In Millions	May 31, 2020	May 26, 2019
Receivables:
Customers	$1,648.3	$1,708.5
Less allowance for doubtful accounts	(33.2)	(28.8)
Total	$1,615.1	$1,679.7

In Millions	May 31, 2020	May 26, 2019
Inventories:
Finished goods	$1,142.6	$1,245.9
Raw materials and packaging	392.2	434.9
Grain	93.6	92.0
Excess of FIFO over LIFO cost(a)	(202.1)	(213.5)
Total	$1,426.3	$1,559.3
(a) Inventories of $892.6 million as of May 31, 2020, and $974.8 million as of May 26, 2019, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

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 Maple Tree use?

Suppose that Maple Tree had in all periods used FIFO as their cost flow assumption for all their inventories. What would have been Maple Trees' 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 Maple Tree 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.

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(In millions) June 30, Assets Current assets: Cash and cash equivalents Short-term investments Total cash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of $788 and $411 Inventories Other current assets Total current assets Property and equipment, net of accumulated depreciation of $43,197 and $35,330 Operating lease right-of-use assets Equity investments Goodwill Intangible assets, net Other long-term assets Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Current portion of long-term debt Accrued compensation Short-term income taxes Short-term unearned revenue Other current liabilities BALANCE SHEETS Total current liabilities Long-term debt Long-term income taxes Long-term unearned revenue Deferred income taxes Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies Stockholders' equit Common stock and paid-in capital - shares authorized 24,000; outstanding 7,571 and 7,643 Retained earnings Accumulated other comprehensive income (loss) Total stockholders' equity Total liabilities and stockholders' equity 2020 $ 13,576 $ 11,356 122,951 122,463 136,527 32,011 1,895 11,482 2019 181,915 175,552 44,151 36,477 8,753 7,379 2,965 2,649 42,026 $ 12,530 $ 3,749 7,874 2,130 133,819 29,524 2,063 10,146 43,351 7,038 7,750 13,138 14,723 $ 301,311 $ 286,556 36,000 10,027 9,382 5,516 6,830 5,665 32,676 9,351 72,310 59,578 29,432 3,180 204 7,671 10,632 183,007 184,226 69,420 66,662 29,612 4,530 233 6,188 7,581 80,552 78,520 34,566 24,150 3,186 (340) 118,304 102,330 $ 301,311 $286,556 (In millions) June 30, Assets Current assets: Cash and cash equivalents Short-term investments Total cash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of $788 and $411 Inventories Other current assets Total current assets Property and equipment, net of accumulated depreciation of $43,197 and $35,330 Operating lease right-of-use assets Equity investments Goodwill Intangible assets, net Other long-term assets Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Current portion of long-term debt Accrued compensation Short-term income taxes Short-term unearned revenue Other current liabilities BALANCE SHEETS Total current liabilities Long-term debt Long-term income taxes Long-term unearned revenue Deferred income taxes Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies Stockholders' equit Common stock and paid-in capital - shares authorized 24,000; outstanding 7,571 and 7,643 Retained earnings Accumulated other comprehensive income (loss) Total stockholders' equity Total liabilities and stockholders' equity 2020 $ 13,576 $ 11,356 122,951 122,463 136,527 32,011 1,895 11,482 2019 181,915 175,552 44,151 36,477 8,753 7,379 2,965 2,649 42,026 $ 12,530 $ 3,749 7,874 2,130 133,819 29,524 2,063 10,146 43,351 7,038 7,750 13,138 14,723 $ 301,311 $ 286,556 36,000 10,027 9,382 5,516 6,830 5,665 32,676 9,351 72,310 59,578 29,432 3,180 204 7,671 10,632 183,007 184,226 69,420 66,662 29,612 4,530 233 6,188 7,581 80,552 78,520 34,566 24,150 3,186 (340) 118,304 102,330 $ 301,311 $286,556

Answer rating: 100% (QA)

To answer your questions lets analyze the information provided 1 Compute the amount of bad debts written off in 2020 The information regarding bad deb... View the full answer