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PolarNik [594]
3 years ago
11

A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects _____________ the value of

the goods and the buyer had a legitimate reason for the initial acceptance.
Business
1 answer:
Alisiya [41]3 years ago
4 0

Answer:

A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects <u>substantially impair</u> 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.

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TransactionsUnitsUnit Cost a. Inventory, Beginning 4,000 $24 For the year: b. Purchase, March 5 10,000 25 c. Purchase, September
Komok [63]

Answer:

Explanation:

1. Number of goods available for sale = Beginning Inventory + Purchase, March 5 + Purchase, September 19 = 4,000+10,000+6,000 = 20,000 units

Cost of goods available for sale = Beginning Cost of inventory + Cost of Purchase, March 5 + Cost of Purchase, September 19 = 4,000×24 + 10,000×25 + 6,000×27 = 96,000+250,000+162,000 = $508,000

2. Number of units in ending inventory = Number of units available for sale - Number of units sold = 20,000-4,200-9,000 = 6,800 units

3.  Calculations are attached

4.

Income statement FIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($326,000)

Gross profit  $611,800

Less Operating expense $602,000

Net income $9,800

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($342,000)

Gross profit  $595,800

Less Operating expense $602,000

Net loss $($6,200)

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($334,092)

Gross profit  $603,708

Less Operating expense $602,000

Net income $1,708

**Cost of goods sold:-

Under FIFO = 96,000+5,000+225,000 = $326,000

Under LIFO = 105,000+162,000+75,000 = $342,000

Under weighted average method = 103,782+230,310 = $334,092

6. LIFO method minimize taxes

3 0
3 years ago
Packard Corporation reports the following information: Net cash provided by operating activities $335,000 Average current liabil
Molodets [167]

Answer:

$165,000

Explanation:

Free cash flow is the net cash cash flow available for the shareholders or for the reinvestment after paying all capital expenditure.

The Depreciation is already adjusted in the Cash Flow from operating activities.

Free Cash Flow = Cash Flow from operating activities - Dividend payment - Capital expenditure

Free Cash Flow = $335,000 - $60,000 - $110,000 = $165,000

Current and Long term liabilities has nothing to do in free cash flow calculations.

4 0
3 years ago
Calculate the defects per million opportunities (DPMO) given the following: Blake, owner of Blakester's T-shirt Shoppe, keeps tr
pantera1 [17]

Answer:

His firm's DPMO is 12,083

Explanation:

The computation of the DPMO is shown below:

= (Total complaints ÷ total number of defects opportunity) × 1 million

where,

Total complaints = Shrinkage complaints + poor quality complaints + wear off complaints + fitting issue complaints

= 22 + 16 + 12 + 8

= 58 customers defects

And, the total number of defects opportunity would be equal to

= Number of t-shirts sold × number of possible complaints

= 1,200 × 4

= 4,800

Now put these values to the above formula

So, the value would be equal to

= (58 ÷ 4,800) × 1,000,000

=  12,083

4 0
3 years ago
An overgrown lawn is manicured by mowing it with a lawn mower is an example of
Marta_Voda [28]

An overgrown lawn is manicured by mowing it with a lawn mower is an example of physical change. Physical change is a change that affects the physical form of the substance or environment but not its chemical composition. In this example, the lawn is manicured by mowing it, so the physical form would be changed. But, the chemical composition of the lawn was maintained and was not change. So,<span> this is clearly a physical change.</span> 

<span> </span>

4 0
3 years ago
HEEELP!!!!
Zepler [3.9K]

use a calculator sorry

5 0
2 years ago
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