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ziro4ka [17]
3 years ago
14

Pernell Company reported LIFO reserves of $150,000 and $100,000 in 2016 and 2015, respectively. The company utilized the FIFO as

sumption for internal purposes. Based on this information, we can conclude that Pernell's cost of goods sold for the 2016 fiscal year would have been:
Business
1 answer:
liberstina [14]3 years ago
6 0

Answer:

If Pernell Company had used the first-in, first-out (FIFO) inventory valuation method, their cost of goods sold (COGS) would have been $50,000 less during 2016.

Since the company uses the last-in, first-out method, its inventory value for 2016 was $50,000 higher than if it had used the FIFO method. This type of situations are common since the COGS tend to increase over time.

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Answer:

<em>End up losing because it is legally binding the clause that would limit the statute of limitations to 18 months.</em>

Explanation:

Within UCC 2-725, in cases that involve the exchange of goods, a 4-year restriction law applies. The parties can reduce the duration to not less than 1 year (but not extend it).

When a delivery tender is made, an action for violation of warranty accrues (the statute begins to run).

However if the warranty specifically applies to future performance and violation disclosure must postpone that performance, the penalty will occur when the breach is discovered or should have been discovered.

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3 years ago
What is frim defion please help
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Having a solid structure or surface. Does this help?

8 0
3 years ago
Q 8.2: On June 15th, Buehler Company sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20th, Chaz C
Pavel [41]

Answer:

C : $686

Explanation:

The computation of the cash received amount is shown below:

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Since the payment is made within 30 days, so the company could avail the discount of 2% and the return goods should be deducted so that the actual amount of cash received can come.

8 0
3 years ago
A bank run involves:
Aleonysh [2.5K]

Answer:

The correct answer is letter "B": large numbers of depositors withdrawing their deposits within a short period of time.

Explanation:

A bank run is a situation in which account holders massively withdraw their funds under the fear the financial institution will lose its liquidity. The situation gets to a point in which the bank is at risk of sensing all its reserves and fail to provide all its clients the money they deposited.

In the U.S. financial institutions with deposits between $16 and $122.3 million must have a minimum reserve of 3%. When the deposits exceed $122.3 million the minimum reserve increases to 10%. The rest of the money is reinvested by banks.

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3 years ago
A buyer makes and signs a written offer. The seller writes in one small change to the offer and signs it. This document is known
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Answer:

The correct answer is letter "D": a counteroffer.

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A counteroffer is any offer made after an initial offering. It is valid only if both parties in a commercial transaction accept it. Counteroffers imply the initial offering was rejected by one of the parties involved in the transaction, thus, the terms must be reviewed until the parties reach an agreement. Otherwise, the contract would not proceed.

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3 years ago
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