Ram has just sold his share in a company and decided to buy a new car for his wife. On 15 April 2019, Ram appointed Gan as his agent to buy a car at the price not exceeding RM 75,000. The next day, Gan went to see Song, a car dealer and booked a car at the price of RM 85,000 and paid the deposit of RM 8,500. Gan told Song that the car was meant for Ram’s personal use. Song gave Gan RM 500 as a commission for booking the car with him. One month after the booking date, Song sent the car to Ram and claimed for the balance purchase price of the car. Ram told Song that he has never authorized Gan to purchase the car at that price and refused to accept the car. Advise Ram with regards to his rights as a principal.

The following data were taken from the records of clarkson company for the fiscal year ended june 30, 2017. raw materials inventory 7/1/16 $58,100 factory insurance $4,800 raw materials inventory 6/30/17 46,600 factory machinery depreciation 17,100 finished goods inventory 7/1/16 99,700 factory utilities 29,400 finished goods inventory 6/30/17 21,900 office utilities expense 9,350 work in process inventory 7/1/16 21,200 sales revenue 560,500 work in process inventory 6/30/17 29,400 sales discounts 4,700 direct labor 147,550 plant manager’s salary 63,400 indirect labor 25,360 factory property taxes 9,910 accounts receivable 28,000 factory repairs 2,500 raw materials purchases 97,300 cash 39,200 a) prepare a cost of goods manufactured schedule (assume all raw materials used were direct materials). b) prepare an income statement through gross profit c)prepare the current assets section of the balance sheet at june 30, 2014