Hyu corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. at the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 55,400 labor-hours. the estimated variable manufacturing overhead was $3.12 per labor-hour and the estimated total fixed manufacturing overhead was $1,230,440. the actual labor-hours for the year turned out to be 56,000 labor-hours. the predetermined overhead rate for the recently completed year was closest to:

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.