Answer:
C. Finished Goods Inventory has decreased.
Explanation:
Cost of goods manufactured (COGM) increases when finished goods inventory is <em>produced</em>, while cost of goods sold (COGS) increases when finished goods inventory is <em>sold</em>. If COGS has been increasing faster than COGM has been increasing, the company has been selling more goods than it has been producing. Therefore, it must have sold goods from its surplus of finished goods inventory. Thus, finished goods inventory has decreased.
We will classify Mary as been cyclically unemployed because she is unemployed due to the economic downturn.
Basically, the cyclical unemployment is the unemployment experience as a result of economic upturn and downturn.
The cyclical type of unemployment are mostly experienced during economic recessions.
It is obvious that people were not buying as many cars because of economic downturn.
Therefore, in conclusion, we will classify Mary as been cyclically unemployed because she is unemployed due to the economic downturn.
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Answer:
1- The UCC contract formation includes offer, acceptance and consideration.
Explanation:
Elements "Offer" and "Acceptance" together form mutual assent. Also, in order to be enforceable, the contract must be for a legal purpose and parties to the contract must have capacity to enter into the contract, that part is related to consideration.
Offer → gives power of acceptance to another party, besides it includes the agreement´s essential elements (they have to be definite and certain).
Acceptance → must be a mirror image of the offer.
Consideration → All common-law contract must contain this element as a valid one. It means that there must be a bargained for interexchange of acts or promises, both parties incurring new legal detriment or obligations as a consequence of the contract.
A short-term liability is a payment that is due in 12 months or less. Hence notes payable due in six months is reported as a short-term liability.
<h3>
What is a liability?</h3>
In the parlance of Accounting and Finance, a Liability is a financial obligation that the company owes to individuals, or organizations with which it has transactional or legal relationship.
Hence, it is correct to indicate that notes payable due in six months is reported as a short-term liability.
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