Answer:
Option Contract
Explanation:
According to the Laws Termination of the Power of Acceptance, there are four types of offer terms. These types are Counter Offer, Option Contract, Conditional or Qualified Acceptance, and Firm Offer. With these 4 types being the options, based on the description given in the question we can say that the one being described is an Optional Contract. Which as described in the question is a contract that is held open for a period of time in which it cannot be revoked.
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Answer and Explanation:
The effect of undervaluation of Inventory is shown below:-
Inventory Understated = Inventory counted + Correct value of inventory
= $545,000 - $554,000
= $9,000
Now, the effect of undervaluation of Inventory is
Cost of goods overstated by $9,000
Net income understated by $9,000
Retained earning understated by $9,000
Assets (Current assets - Inventory) understated by $9,000
Answer:
transferred-out 135,000
Explanation:
We solve using the following identity:
beginning WIP + cost added during the period:
total cost to be accounted for.
Then this value can be either ransferred-out r remain at the ending WIP
so we construct as follows:
beginning 0
added 180,000
Total cost 180,000
ending <u> (45,000) </u>
transferred-out 135,000
Answer:
B) 3 scarves
Explanation:
total fixed costs per day = $60 (rent)
selling price per scarf = $40
variable cost per scarf = $15
contribution margin = selling price per unit - variable cost per unit = $40 - $15 = $25
break even formula in units = total fixed costs / contribution margin = $60 / $25 = 2.4 units, since you can only sell complete units, the break even amount is 3 scarves.