Paulis Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During February, the kennel budgeted for 4800 tenant-days, but its actual level of activity was 4780 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for February: Data used in budgeting: Fixed element per month Variable element per tenant-day Revenue - $ 31.30 Wages and salaries $ 3800 $ 7.30 Food and supplies 400 12.10 Facility expenses 8800 4.30 Administrative expenses 8600 0.10 Total expenses $ 21,600 $ 23.80 Actual results for February: Revenue $ 108,580 Wages and salaries $ 23,580 Food and supplies $ 36,798 Facility expenses $ 19,330 Administrative expenses $ 9156 The net operating income in the planning budget for February would be closest to: Group of answer choices

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)