LNG Corporation and Midstates Utility Company enter a contract for a sale of liquefied natural gas. LNG draws a draft unconditionally ordering Midstates Utility to pay $50,000 to LNG's order in sixty days. Midstates Utility signs and dates the draft.? Refer to Fact Pattern 23-2. This instrument is?
A) a banker's acceptance
B) a nonnegotiable instrument.
C) apromissory note.
D) a trade acceptance.
D
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The Winfield Distributing Company has maintained an 80% service level policy for inventory of string trimmers. Mean demand during lead time is 170 trimmers, and the standard deviation during lead time is 60 trimmers
The annual cost of carrying one trimmer in inventory is $6. The area sales people have recently told Winfield's management that they could expect a $400 improvement in profit (based on current figures of cost per trimmer) if the service level were increased to 99%. Is it worthwhile for Winfield to make this change?
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a. Were ultimately found guilty of some criminal charges. b. Were exonerated by the North Carolina attorney general. c. Had their charges dropped by Michael Nifong. d. None of the above