Answers
Answer:
A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects substantially impair the value of the goods and the buyer had a legitimate reason for the initial acceptance.
Explanation:
This statement is defined in § 2-608. Revocation of Acceptance in Whole or in Part. of Article 2 - Sales of the Uniform Commercial Code (UCC).
The buyer may revoke his acceptance of a lot or commercial unit whose non-conformity substantially impairs its value to him if he has accepted it
(a) on the reasonable assumption that its non-conformity would be cured and it has not been seasonably cured; or
(b) without discovery of such non-conformity if his acceptance was reasonably induced either by the difficulty of discovery before acceptance or by the seller's assurances.
(2) Revocation of acceptance must occur within a reasonable time after the buyer discovers or should have discovered the ground for it and before any substantial change in condition of the goods which is not caused by their own defects. It is not effective until the buyer notifies the sellerof it.
(3) A buyer who so revokes has the same rights and duties with regard to the goodsinvolved as if he had rejected them.
Related Questions
Which of the following statements will an auditor most likely add to the negative from of confirmations of accounts receivable to encourage timely consideration by the recipient? A. "This is not a request for payment; remittances should not be sent to our auditors in the enclosed envelope" B. "Report any differences on the enclosed statement directly to our auditors; no reply is necessary if this amount agrees with your records" C. "If you do not report any differences with 15 days, it will be assumed that this statement is correct" D. "The following invoices have been selected for confirmation and represent amounts that are overdue"
On December 31, a $1,500,000 bond issue on which there is an unamortized discount of $70,100 is redeemed for $1,455,000.
The risk premium for exposure to aluminum commodity prices is 4%, and the firm has a beta relative to aluminum commodity prices of .6. The risk premium for exposureto GDP changes is 6%, and the firm has a beta relative to GDP of 1.2. If the risk-free rate is 4%, what is the expected return on this stock?A. 14.4 percentB. 10.0 percentC. 13.6 percentD. 11.5 percent Please show work
Sayid is the sole shareholder of an S corporation in Hattiesburg, Mississippi. At a time when his stock basis is $20,000, the corporation distributes appreciated property worth $40,000 (basis of $20,000). There is no built-in gain. Sayid's taxable gain is:
Units in beginning inventory 300
Units produced 15,000
Units sold ($300 per unit) 12,700
Variable costs per unit:
Direct materials $20
Direct labor $60
Variable overhead $12
Fixed costs:
Fixed overhead per unit produced $30
Fixed selling and administrative $140,000
Required:
1. How many units are in ending inventory?
$ _______ units
2. Using variable costing, calculate the per-unit product cost.
$_____________
3. What is the value of ending inventory under variable costing?
$___________
Answers
Answer:
1. Ending inventory = Beginning inventory + Production - Sales
= 300 units + 15,000 units - 12,700 units
= 2,600 units
2. Per unit Product Cost Using Variable Costing
$
Direct material 20
Direct labor 60
Variable overhead 12
Product cost 92
3. Value of ending inventory under variable costing
= 2,600 units x $92
= $239,200
Explanation:
The units of ending inventory is calculated as beginning inventory plus production minus sales.
Per unit product cost is the aggregate of variable cost per unit. This includes direct material cost, direct labour cost and variable overhead.
Value of ending inventory is the product of units of ending inventory and per unit product cost.
Answers
If Garden Variety Flower Shop uses 750 clay pots a month. The pots are purchased at $2 each. Annual carrying costs per pot are estimated to be 30 percent of cost, and ordering costs are $20 per order. The manager has been using an order size of 1,500 flower pots:
- a. What additional annual cost is the shop incurring by staying with this order size will be: $105.24
- b. What benefit would using the optimal order quantity yield will be 51.63%
a. Additional annual cost
Annual demand (D) =$750 x 12= $9,000
Ordering cost=$20 per order
Annual carrying costs(H)=0.30 ×$2.00 = $0.60
Order Quantity(Q) = 1,500
Find TC for Q
TC=Q÷2×H + D÷Q × S
TC=1,500÷2 × $0.60 + $9,000÷1,500×$20
TC=$450+$120
TC=$570............. (1)
Now find Qo
Qo=√2DS÷H
Qo=√2×$9,000×$20÷0.60
Qo=√600,000
Qo=$774.596
Qo=$774.60 (Approximately)
Find TC for Qo
TC=Q÷2×H + D÷Q ×
TC=774.60÷2 × $0.60 + $9,000÷774.60×$20
TC=$232.38+$232.38
TC=$464.76................(2)
Now let determine the additional annual cost
Additional annual cost=$570-$464.56
Additional annual cost=$105.24
b. Benefit would using the optimal order quantity yield (relative to the order size of 1,500)
Benefit=Qo÷Q
Benefit=$774.60÷1,500×100
Benefit=51.63%
The benefit is that about 51.63% of the storage space would be needed.
Learn more here:
Answer:
Additional cost= $570
Explanation:
Monthly demand = 750
Annual demand (D) = Monthly Demand x Number of months in a year
Annual demand (D) = 750 x 12 = 9,000
Cost (C) = $2.00 each
Annual carrying costs (Cc) = 30 percent of cost
Annual carrying costs (Cc) = 30% of $2.00 = $0.60
Ordering costs (Co) = $20
Current order quantity (Q1) = 1,500
Solution:
(a) Current cost is calculated as,
Current cost = Annual carrying costs + Annual ordering costs
Current cost = [(Quantity / 2) x Carrying cost] + [(Annual demand / Current Quantity) x Ordering cost]
Current cost = [(1500 / 2) x $0.60] + [(9000 / 1500) x $20]
Current cost = $450 + $120
Current cost = $570
Answers
Answer:
1.267 = Overhead Rate
Explanation:
As general approach, the manufacturing rate, along with any rate is done by dividing the cost by a cost driver.
In this case teh cost is the manufacturing overhead and the cost driver the direct materials cost:
Using Direct Materials cost, the rate would be:
Answers
Melissa's capital gain tax from the sale of her Bitcoin in 2021 for a long-term capital gain of $200,000, and as Head of Household is $30,000.
Data and Calculations:
Long-term capital gain = $200,000
Total taxable income = $450,000
Assumed long-term capital tax rate = 15%
Thus, the tax on Melissa's capital gain tax from the sale of her Bitcoin in 2021 for a long-term capital gain of $200,000, and as Head of Household is $30,000 ($200,000 x 15%).
Learn more about long-term capital gain here: brainly.com/question/25117603
Answer:
hi so im thinking its $250,000 dollors probaly
Explanation:
Answers
Answer:
The answer is Systems Proposal.
Explanation:
Answer:
The correct word for the blank space is: Systems Proposal.
Explanation:
In computer science, the Systems Proposal is a second step on a project that outlines the features, benefits, costs, alternatives, and a step-by-step schedule of the software that is intended to be developed. All the information is gathered in a document that has the intention to promote the production of the software, thus, the Systems Proposal mainly provides the core information and highlights benefits over costs without hiding anything relevant.
Answers
Answer and Explanation:
Given:
Product 1 Product 2 Product 3
Cost of product $20 $90 $50
Selling price $40 $120 $70
Selling cost $6 $40 $10
Computation:
Product 1 Product 2 Product 3
Product Cost $20 $90 $50
N.R.V ($40-$6)=$34 ($120-$40)=$80 ($70-$10)=$60
Per Unit Inventory Value $20 $90 $50