Youngstown rubber reports the following data for its first year of operation.

direct materials used= $711,000

cost of goods manufactured= $680,600

finished goods inventory, ending= $191,000

manufacturing overhead= 100,000

finished goods inventory, beginning = 0

work in process inventory, beginning = 0

work in process inventory, ending = 130,400

what is the cost of goods sold? a. $1,491,600 b. $459,200 c. $489,600 d. $680,600

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?