Lupo corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. the company based its predetermined overhead rate for the current year on the following data: total machine-hours 30,400total fixed manufacturing overhead cost $ 425,600variable manufacturing overhead per machine-hour $ 5recently, job t687 was completed with the following characteristics: number of units in the job 10total machine-hours 20direct materials $ 590direct labor cost $ 1,180the total job cost for job t687 is closest to

Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?