Using a periodic specific identification, Delta Diamonds' Inventory after the December 24 sale is <u>$2,250</u>.
<h3>What is the specific identification method?</h3>
The specific identification method is an inventory method that identifies specific inventories sold and uses their specific costs in valuing the cost of goods sold.
<h3>Data and Calculations:</h3>
Date Units Unit Cost Total Balance
June 1 1 $500 $500 $500
July 9 2 $550 $1,100 $1,600
Sept. 23 2 $600 $1,200 $2,800
Dec. 24 -1 $550 $550 $2,250
Thus, using a periodic specific identification, Delta Diamonds' Inventory after the December 24 sale is <u>$2,250</u>.
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Answer:
D : All options are correct
Explanation:
- The marginal buyer is the essence of demand curve while marginal seller is essence of supply curve.
- @ Q = 500 units, Selling Price is set at SP = $35
- @ Q = 500 units, Buying Price is set at BP = $40
- Since, SP ≠ BP our equilibrium price would be $ 37.5 assuming the price elasticity of demand and supply are equal. In any case the equilibrium price would lie in between [ 35 , 40 ] such that to prevent a shortage of units in near future.
- Moreover, if the seller decides to sell at price $35 then he must sell goods greater than 500 units to reach the equilibrium profits. However, it could also lead to excess of units or surplus.
- We see that from selling the goods at SP = $35 while the buyer is willing to pay BP = $40 for 500 goods, the seller would be under-profiting and would be earning $5*500 = $2,500 less than he would at equilibrium price of $40 and selling units greater than 500. Hence, 500 goods is not an efficient quantity of goods.
Any contract Fay enters into is "voidable if the other party does not realize that Fay is incompetent".
Business contract law holds that people that have been proclaimed mentally uncouth in a courtroom may discover an agreement they go into announced void, voidable, or enforceable. The guardian is the main individual who can go into an agreement for the incompetent individual's behalf.
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