Answer:
Check the following explanation
Explanation:
a) Usually a contract has the following elements:
Offer
.
Acceptance
.
Consideration
.
Intention to create a legal relationship
.
In the given case, the intention to create a legal relationship is missing. Though Study had sent a written legal contract to Burrow to affirm the contract, Burrow did not show any interest regarding the same. Hence Burrow can’t be sued for breach of contracts. Moreover the confirmation letter sent by Study does not qualify under the Merchant Memo Rule as the involved parties are not merchants. Burrow can use the terms of UCC for his favour. The UCC states that any contract with value more than $500 must be in writing. As the involved amount in this case is $1300, hence this case does not qualify as a contract under UCC.
b) If Study and Burrow were merchants, then the Merchant Memo Rule gets applicable. Then in that case, if 2 merchants enter into an oral contract, which is worth $500 or more and one of the merchant sends a written confirmation for the same, then a contract will be considered enforceable. In such a case, Burrow will be held liable for breach of contract and can be sued by Study.
Answer:
The correct option is E,Ted's annuity has a higher present value than Allison's
Explanation:
Both annuities do not have equal amount today as $1000 received today is higher in value terms than $1000 receivable in a month's time since cash receivable earlier is much more valued than the one receivable later.
Ted's annuity is an annuity due not an ordinary annuity
Allison's annuity is an ordinary annuity not annuity due
Allison's annuity has a lower present value than Ted's and not the other way round.
The only correct statement is option E,since Ted is expected to receive $1000 today, his annuity has a higher present value compared to Allison's
Answer:
The June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method:
$65,318.40
Explanation:
a) Data and Calculations:
June 30, 2020 Inventory = $60,480 at retail
Ratio of cost to retail = 68%
Inventory at cost = $41,126.40 ($60,480 * 68%)
General price level increase from 100 to 108
Inventory at the June 30 price level under the dollar-value LIFO retail method:
Inventory at cost = $44,416.50 ($41,126.40 * 108/100)
Inventory at retail = $65,318.40 (44,416.50/68%)
Answer:
The weighted-average unit contribution margin for Concord is $70.50
Explanation:
For computing the weighted-average unit contribution margin , first we have to compute the contribution margin which is shown below:
Contribution margin per unit = Selling price per unit - Variable expense per unit
For Q- drive, it will be
= $90 - $30
= $60 per unit
And, for Q-drive plus,
= $135 - $60
= $75 per unit
Now the weighted-average unit contribution margin equal to
= Weighted sales mix × contribution margin + Weighted sales mix × contribution margin
= 30% ×$60 + 70% × $75
= $18 + $52.50
=$70.50 per unit
