Chapter 12, Problem 61TPC

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What is the net realisable value of account receivable ?

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A firm reported wages expense of $607 million and cash paid for wages of $578 million. What was the change in wages payable for the period?

How much is the material quantity variance?

Financial accounting problem

Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $59,700 and $54,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $88,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,500 at the end of 2016. If the under-or overapplied overhead is prorated between the Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration? (rounded answer)