On december 1, macy company sold merchandise with a selling price of $9,000 on account to mrs. jorgensen, with terms 4/10, n/30. on december 3, mrs. jorgensen returned merchandise with a selling price of $700. mrs. jorgensen paid the amount due on december 9. what journal entry did macy company prepare on december 9 assuming the gross method is used?
a) debit cash for $7,968 and credit accounts receivable for $7,968.
b) debit sales revenue for $7,968, debit sales discounts for $332, and credit accounts receivable for $8,300.
c) debit sales revenue for $8,300, credit sales discount for $332 and credit cash for $7,968.
d) debit cash for $7,968, debit sales discounts for $332, and credit accounts receivable for $8,300.

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.