Answer:
at the time it receives a negotiable warehouse receipt for the bats.
Explanation:
Benson Bearing Company is selling bats to Textron inc. The bats are stored at an independent warehouse not controlled by Benson Company.
Of the contract states that Textron will pick up the bats at the warehouse, the risk of loss passes to Textron when it recieved a negotiable warehouse reciept for the bats.
This is because the warehouse is not controlled by Benson Company and issuing a warehouse reciept is equivalent to delivering the goods to Textron.
Answer:
$19,356
Explanation:
July
1 Beg. Inventory 54 $122
5 Purchases 306 $114
14 Sale 204
21 Purchases 153 $117
31 Sale 143
Number of units left = (54+306-204+153-143)= 166
On LIFO(Last-in, first-out) basis, these 166 units of ending inventory cost;
= (54*122) + (166-54)*114 <em> (Note:166-54 is to find the balance after the first 54)</em>
= $6,588 + $12,768
= $19,356
Answer:
The citizen, however, does not have to pay because the police officer has a pre existing duty.
Explanation:
"Preexisting duty rule is a common-law rule of contract. It says that the rule that performance of an act by which a party is already contractually bound to perform does not constitute valid consideration for a new promise. In other words, a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract."
Then, the citizen doesn't have to pay because the police officer has an existing contract, and it's considered an insufficient consideration for modification of that contract.
Reference: US Legal, Inc, 2019. “Preexisting Duty Rule Law and Legal Definition.” Preexisting Duty Rule Law and Legal Definition | USLegal, Inc., 2019
Answer:
Need futher information in order to calculate the mark up.
Explanation:
Price = Cost + Markup
Mark up % = Markup / Price
None of this data is in the question.
