Chapter 14, Problem 4E

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Orville Manufacturing Company's work-in-process inventory on August 1 has a balance of $32,400, representing Job No. 527. During August, $61,500 of direct materials were requisitioned for Job No. 527, and $42,800 of direct labor cost was incurred on Job No. 527. Manufacturing overhead is allocated at 125% of direct labor cost. Actual manufacturing overhead costs incurred in August amounted to $52,500. No new jobs were started during August. Job No. 527 is completed on August 28. Is manufacturing overhead overallocated or underallocated for the month of August and by how much? Correct answer

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Golden State Enterprises had accounts receivable of $215,000 at the beginning of the year. During the year, credit sales amounted to $890,000 and cash collections from customers totaled $825,000. Bad debt write-offs were $18,000. What is the ending accounts receivable balance?need answer