Answer:
D) the speakers only
Explanation:
UCC rules state that contracts sales or lease contracts must be in writing only when:
- the contract for the sale of goods must be worth at least $500 (only the speakers cost more than $500)
- leasing contracts worth at east $1,000
*If the parties involved are merchants, this rules might vary.
In a lump-sum purchase of assets, the cost must be allocated to the individual assets because every individual asset has a different useful life and different depreciation rate. Depreciation is the methodical distribution of an asset's depreciable value over the course of its useful life.
The cost of an asset, or another quantity substituted for cost, less its residual value, is its depreciable amount. Depreciation can take many different forms, including the accelerated and the straight-line depreciation.
An accountant records depreciation for all the capitalized assets that have not yet been fully depreciated at the conclusion of an accounting period.
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The fact that the business that Bhat and Cho do as Data Security, means that for the purpose of collecting judgements and having accounting performed, most states would treat the firm as an <u>independent entity.</u>
<h3>What is an independent entity?</h3><h3 />
An independent entity is one that does not get counted along with the assets of its owners or partners. In other words, it is independent of the affairs of its owners and is treated as having its own identity.
In this case, the Data Security partnership that Bhat and Cho have will be treated as a separate entity from them which makes it an independent entity.
This is purely for the purpose of collecting judgement and having proper accounting records kept. And even at that, not all states in the United States will require this.
In conclusion, this is an independent entity.
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Answer: Cost per unit $15.2, cost of good sold $10,640
Explanation:
Weighted Average cost per unit = 15,200/1000
= $15.2
Ending inventory (400 × 15.2)
= 6,080
Cost of good available for sale = 15,200
Cost of good sold (700 × 15.2)
= $10,640
