The following data are taken from the daisy corporation’s inventory accounts: item code quantity unit cost net realizable value product 1 zke 100 $22 $18 zkf 300 31 36 product 2 mnj 400 22 19 mns 250 31 37 calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $ $

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.