Tiscara company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $15 per direct labor-hour. the following data are obtained from the accounting records for june 2015 direct materials $440,000 direct labor (3,500 hours @ $11/hour) 38,500 indirect labor 15,000 plant facility rent 50,000 depreciation on plant machinery and equipment 35,000 sales commissions 10,000 administrative expenses 25,000 the actual amount of manufacturing overhead costs incurred in june 2015 totals

The manda panda company uses the allowance method to account for bad debts. at the beginning of 2018, the allowance account had a credit balance of $92,400. credit sales for 2018 totaled $3,190,000 and the year-end accounts receivable balance was $507,500. during this year, $88,500 in receivables were determined to be uncollectible. manda panda anticipates that 3% of all credit sales will ultimately become uncollectible. the fiscal year ends on december 31. required: 1. does this situation describe a loss contingency? 2. what is the bad debt expense that manda panda should report in its 2018 income statement? 3. prepare the appropriate journal entry to record the contingency. 4. complete the table below to calculate the net realizable value manda panda should report in its 2018 balance sheet?