Question - Oriole Company reported total operating expenses of $56,600 on its adjusted trial balances for the year ended November 30, 2017. After the preliminary statements were prepared, the accountant became aware of the following situations:
1. The physical inventory count revealed that merchandise Inventory posting $4,600 was damaged and needed to be scrapped.
2. Sales staff were owed $3,700 of sales commissions relating to November sales. The sales commissions were paid in December.
Calculate the total operating expenses that should be reported in the November 30, 2017, income statement.