Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100000 for the year.
Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity
Ordering and Receiving Orders $140000 500 orders
Machine Setup Setups 315000 450 setups
Machining Machine 1562500 125000 MH
hours
Assembly Parts 1240000 1000000 parts
Inspection Inspections 320000 500 inspections
If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is:.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.