Prepare journal entries to record the following transactions for a retail store. the company uses a perpetual inventory system and the gross method.  apr.2 o purchased $4,600 of merchandise from lyon company with credit terms of 2/15, n/60, invoice dated april 2, and fob shipping point.  apr.3 o paid $300 cash for shipping charges on the april 2 purchase.  apr.4  apr. 17  apr. 18  apr. 21  apr. 28 o returned to lyon company unacceptable merchandise that had an invoice price of $600. o sent a check to lyon company for the april 2 purchase, net of the discount and the returned merchandise. o purchased $8,500 of merchandise from frist corp. with credit terms of 1/10, n/30, invoice dated april 18, and fob destination. o after negotiations, received from frist a $500 allowance toward the $8,500 owed on the april 18 purchase.

Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. in this case, the country that produces jeans will produce 32 million pairs per month, and the country that produces corn will produce 32 million bushels per month.

White company has two departments, cutting and finishing. the company uses a job-order costing system and computes a predetermined overhead rate in each department. the cutting department bases its rate on machine-hours, and the finishing department bases its rate on direct labor-hours. at the beginning of the year, the company made the following estimates: department cutting finishing direct labor-hours 6,000 30,000 machine-hours 48,000 5,000 total fixed manufacturing overhead cost $ 264,000 $ 366,000 variable manufacturing overhead per machine-hour $ 2.00 " variable manufacturing overhead per direct labor-hour " $ 4.00 required: 1. compute the predetermined overhead rate for each department. 2. the job cost sheet for job 203, which was started and completed during the year, showed the following: department cutting finishing direct labor-hours 6 20 machine-hours 80 4 direct materials $ 500 $ 310 direct labor cost $ 108 $ 360 using the predetermined overhead rates that you computed in requirement (1), compute the total manufacturing cost assigned to job 203. 3. would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide predetermined overhead rate based on direct labor-hours, rather than using departmental rates?

4. the condition requires that only one of the selected criteria be true for a record to be displayed.