Payton Corporation provided the following information for the year: Beginning Balancelong dashWork-in-Process Inventory $ 24 comma 000 Ending Balancelong dashWork-in-Process Inventory 57 comma 000 Beginning Balancelong dashDirect Materials 87 comma 000 Ending Balancelong dashDirect Materials 58 comma 000 Purchaseslong dashDirect Materials 359 comma 000 Direct Labor 471 comma 000 Indirect Labor 19 comma 000 Depreciation on Factory Plant and Equipment 24 comma 000 Plant Utilities and Insurance 272 comma 000 What was the amount of the cost of goods manufactured for the year?

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.