What is the statute of limitations period for a lawsuit for breach of a sales contract? Does the Uniform Commercial Code (UCC) allow buyers and sellers to shorten or lengthen the statute of limitations period?
What will be an ideal response?
The Uniform Commercial Code (UCC) provides that a lawsuit for breach of a sales contract must be filed within four years after the breach occurs. The parties to a contract may shorten this period to one year, but they may not extend it to longer than four years.
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The controller for Norton Machining has established the following overhead cost pools and cost drivers:Overhead Cost PoolBudgeted Overhead CostCost DriverMachine setups $240,000Number of setupsMaterial handling 90,000Units of raw materialQuality control inspection 48,000Number of InspectionsOther overhead costs 160,000Machine hoursTotal$538,000?Overhead Cost PoolBudgeted Level for Cost DriverPool RateMachine setups200 setups$1,200 per setupMaterial handling60,000 units$1.50 per unitQuality control1,200 inspections$40 per inspectionOther overhead 20,000 machine hours$8 per machine hourOrder no. 715 has the following production requirements: Machine setups: 7Raw material: 11,200 unitsInspections: 16Machine hours: 850Required: A. Compute the total overhead that should be
assigned to order no. 715 by using activity-based costing.B. Suppose that Norton were to use a single, predetermined overhead rate based on machine hours. Compute the rate per hour and the total overhead assigned to order no. 715.C. Discuss the merits of an activity-based costing system in comparison with a traditional costing system. What will be an ideal response?