Answer:
Article 2 of the UCC code states that in order for goods to be merchantable (or fit for sale) they must:
- should correspond to the contract description, e.g. a cereal box should contain cereal
- must be of fair average quality, e.g. the cereal must be edible and be of a reasonable quality, like have a decent flavor
- must be fit to serve the purpose for which an average consumer might purchase them, e.g. you should be able to eat your cereal at breakfast, and it should not require hours or preparation
- the quality of all the units included in the package must be similar, although slight variations are permitted, e.g. cornflakes should be of similar size and quality
- are properly packaged and labeled, e.g. the package should not be broken and it should include relevant information
- fulfill any promise contained in its package or labels, e.g. if the box says it contains cereal with raisins, it must contain cereal with raisins
There are lots of ways in which an implied warranty of merchantability is breached, e.g. if the cereal is spoiled, the box is broken and the contents are falling, cornflakes are all crushed and lost consistency, etc.
Answer:
$2,600
Explanation:
Calculation of the value of the company's inventory at the lower of cost or market.
Current FIFO inventory ×Net realizable value
Where,
Current FIFO inventory= 200 units
Net realizable value $13 per unit
Therefore,
200 units *$13 per unit = $2,600.
Lower cost of market can be said to mean that the inventory cost at either the purchase cost or replacement value .
Bases on the information given in the question, replacement cost is lower or lesser than the purchase cost which is why the inventory units are been cost at the replacement value of $13 each.
Answer:
Explanation:
Production possibility frontier (ppf) is a graph which shows the existence of opportunity cost of moving from one combination of goods to another . Its slope is always negative and bowing out or downward sloping because opportunity costs always diminish or go down due to law of diminishing marginal return.
Answer:
Key factors:
Customers
Quality of shoes
Brand (trained with a pro before or used by a pro)
modeling expenses
Explanation:
Answer:
b. The expected rate of return on U.S. assets rises
Explanation:
- An open economy is one that interacts freely with the other economies of the world, the one economy of the united states is very large and includes the imports and exports of huge quantity including the goods and services.
- In an open economy, macroeconomic model assets are bought and supplied to the economy a this creating an outflow of the capital as more of the buying of the assets creates a net capital outflow leading to an increase of the expected rate of return of assets. As the country can spend more than it produces.
