4 Presented below is information related to Manama Company. Cost Retail Beginning inventory Purchases $380,000 $400,000 1,850,000 3,200,000 Markups 150,000 Markdowns Markup cancellations Markdown cancellations Sales 40,000 49,000 9,000 3,300,000 Sales returns 150,000 Required: Compute the ending inventory at retail and at cost by the conventional retail inventory method (Show your calculations), For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial () V 10pt - +] iii < iii A IO r Question 10 response Question 10 of 12 8 points On July 1, Star Company factored $600,000 of accounts receivable with Prett Financing on a without recourse basis. Under the arrangement, Prett Financing was to make the collections, handle the sales discounts, and absorb the credit lones Prett Financing assessed a finance charge of 7% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts Required: a. Prepare the journal entry required on Prett Financing on July 1. b. Assume Star Company factors the $600,000 of accounts receivable with Prett Financing on a with recourse basis. Prepare the joumal entry required on Star company's book on July 1