Kitchen electrics uses a perpetual inventory system. the following are three recent merchandising transactions:

apr. 10: purchased 10 refrigerators from polar co. on account. invoice price, $600 per unit, for a total of $6,000. the terms of purchase were 2/10, n/30.

apr. 15: sold one of these refrigerators for $900 cash.

apr. 20: paid the account payable to polar co. within the discount period. instructions

a. prepare journal entries to record these transactions assuming that kitchen electrics records purchases of merchandise at:

i. net cost

ii. gross invoice price

b. assume that kitchen electrics did not pay polar co. within the discount period but instead paid the full invoice price on may 10. prepare journal entries to record this payment assuming that the original liability had been recorded at:

i. net cost

ii. gross invoice price

c. assume that you are evaluating the efficiency of kitchen electric's bill-paying procedures. which accounting method - net cost or gross invoice price - provides you with the most useful information? explain.

During the year, the delph company had no beginning or ending inventories and it started, completed, and sold only two jobs—job d-75 and job c-100. it provided the following information related to those two jobs: job d-75: molding fabrication total direct materials cost $ 375,000 $ 325,000 $ 700,000 direct labor cost $ 200,000 $ 160,000 $ 360,000 machine-hours 15,000 5,000 20,000 job c-100: molding fabrication total direct materials cost $ 300,000 $ 250,000 $ 550,000 direct labor cost $ 175,000 $ 225,000 $ 400,000 machine-hours 5,000 25,000 30,000delph had no overapplied or underapplied manufacturing overhead during the year. assume delph uses a plantwide overhead rate based on machine-hours.1-a. compute the predetermined plantwide overhead rate.1-b. compute the total manufacturing costs assigned to job d-70 and job c-200.1-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 1-d. what is delph's cost of goods sold for the year? assume delph uses departmental overhead rates based on machine-hours.2-a. compute the predetermined departmental overhead rates.2-b. compute the total manufacturing costs assigned to job d-70 and job c-200.2-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 2-d. what is delph's cost of goods sold for the year?