Answer:
The correct answer is letter "D": Judy, an expert horse trainer, sells Bob a horse.
Explanation:
According to the Uniform Commercial Code (<em>UCC</em>) a <em>merchant </em>is a person who deals with a product or service of a business in which that person is regularly engaged. The <em>merchant </em>has knowledge and expertise related to the practices involved in the business transaction.
In that sense, only Judy, who is a horse trainer, would be labeled as a <em>merchant </em>by the UCC for selling a horse.
Answer: a.exceed the revenue price variance and be favorable
Explanation:
Revenue Volume x Revenue Price = Total Revenue
From the above formula, for the Total Revenue to be variated positively and yet the Revenue Price is of Negative Variance, it would follow logically that the other variable in the transaction contributed to the favorable variance of the Total Revenue apart from the Revenue Price.
The only other variable is the Revenue Volume. The Revenue volume must therefore have been large and favorable enough to offset the Negative Variance of the Revenue Price.
Answer:
budgeted direct-labor rate= $700 per direct labor hour
Explanation:
Giving the following information:
Budgeted total direct-labor costs $14,000,000
Budgeted total direct-labor hours 200,000
To determine the direct-labor cost rate, we need to use the following formula:
budgeted direct-labor rate= total amount of direct labor cost/ total amount of direct labor hours
budgeted direct-labor rate= 14,000,000/200,000= $700 per direct labor hour
In ABC analysis, class items typically represent 20% of the SKUs but account for 80% of the dollar usage.
ABC analysis is an inventory management technique that determines the value of inventory items based on their importance to the business. ABC ranks items based on need, cost, and risk data, and inventory managers group items into classes based on these criteria. approach to categorizing inventory items. Consumption is the total amount of items consumed over a period of time, such as a year.
The purpose of ABC analysis is to help organizations determine where to best allocate resources to optimize results. ABC analysis is based on the principle of items in the same category (inventory, customers, documents, etc.).
Learn more about ABC analysis here
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Answer:
False
Explanation:
A draft is an instrument used in international trade issued by an exporter that instructs an importer to make a payment at a specific time.
It is also called a bill of exchange.
On the other hand a letter of credit is issued by a bank in behalf on an importer.
The letter of credit instructs the bank to make payment to the exporter when he presents relevant documents.
For example if an exporter ships goods the importer raises a letter of credit with terms that funds will be released when the exporter produces an invoice that shows importer has received goods.
So a letter of credit is different from a draft
