Answer: $360,000
Explanation:
To solve the question, we needed to calculate the cost of goods sold first. This will be:
= Beginning Inventory + Purchases - Ending Inventory
= $280,000 + ($720,000 - $60,000) + $240,000
= $280,000 + $780,000 + $240,000
= $820,000
The net income or net loss will then be:
Sales = $1,880,000
Less: Cost of goods sold = $820,000
Gross profit = $1,060,000
Less: Operating expenses = $700,000
Net income = $360,000
The net income is $360,000
Answer:
Yes, the contract is still valid.
Explanation:
Let us first clarify some terms first.
A contract is referred to as a legally binding agreement that is recognized, known and governs the rights and duties of the parties involved in an agreement. A contract is legally enforceable because it meets the features and approval of the law. An agreement basically involves the exchange of goods, transactions, services, money, or promises. In the case of breach of contract, the law awards the injured party access to legal remedies which include damages and cancellation.
Letter of revocation is an act by which a person having authority, calls back or in other words annuls a power, gift, or benefit, which had been bestowed upon another.
Yes, the contract still holds. This is due to the reason that the letter had a date mentioned on it which is August 4, a day before the contract was accepted even though the revocation letter arrived late.
Therefore, as regards to the date on the letter, the contract is still valid.
Answer:
decline and diminishing marginal utility
Explanation:
According to the law of diminishing marginal utility, when a person consumes more and more units, the marginal utility arises from each additional unit goes reduced as marginal utility is an additional unit derived.
According to the given situation, grey eats pizza every day so the marginal utility goes decline that indicates the law of diminishing marginal utility
Marginal cost <span>is the incremental cost of wear and tear on an asset.</span>
