Chapter 6, Problem 6.8E

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Samuel Enterprises had an $185,000 beginning balance in Accounts Receivable. During the year, credit sales were $680,000 and customers' accounts collected were $590,000. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?

Atlas Corporation's cost of goods manufactured last month was $180,000. The beginning finished goods inventory was $45,000 and the ending finished goods inventory was $50,000. Overhead was underapplied by $5,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Lindberg manufacturing estimates that 70% of the credit sales will be collected in the month following the sale

Accounting?

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JBL Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $276,660 for the year, and machine usage is estimated at 125,300 hours. For the year, $296,534 of overhead costs are incurred and 132,300 hours are used. Compute the manufacturing overhead rate for the year.

What is its level of inventory?