Which of the following statements is true of the Uniform Commercial Code about acceptance by shipment?
A. It specifically says that an order requesting "current" shipment of goods impliedly refuses acceptance.
B. It says that a seller who ships "nonconforming goods" has accepted the contract if the seller reasonably notifies the buyer that such a shipment is intended as an "accommodation" to the buyer.
C. It forces the seller to give the buyer timely notice of his inability to fill an order.
D. It says that a seller who ships "nonconforming goods" has failed to breach a contract.
Answer: C
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Woodhead Inc. manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. Its standard cost per unit produced is $37.45. During the year, the company produced and sold 24,400 units at a price of $47.40 per unit and its selling and administrative expenses totaled $92,000. The company does not have any variable manufacturing overhead costs. It recorded the following variances during the year: Materials price variance$8,760FMaterials quantity variance$550ULabor rate variance$27,885ULabor efficiency variance$17,200FFixed manufacturing overhead budget variance$17,400FFixed manufacturing overhead volume
variance$18,900FThe adjusted Cost of Goods Sold after closing all of the variances to Cost of Goods Sold will be closest to: A. $879,955 B. $913,780 C. $947,605 D. $1,190,385
Joe files for bankruptcy in federal court. Liz, a reporter, finds out about this public document and prints a story in the newspaper about Joe's bad finances. Joe sues Liz for invasion of privacy. In this case, Joe has:
a. a case of false light against Liz b. a case of appropriation against Liz c. a case of public exposure of private facts against Liz d. a case of intrusion of solitude against Liz e. no case against Liz
Sirignano Corporation produces and sells one product. The budgeted selling price per unit is $84. Budgeted unit sales for October, November, December, and January are 8,400, 12,000, 13,800, and 14,300 units, respectively. All sales are on credit with 40% collected in the month of the sale and 60% in the following month. The expected cash collections for November is closest to:
A. $826,560 B. $705,600 C. $403,200 D. $423,360
Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateVariable manufacturing overhead0.20 hours$6.70 per hourThe company has reported the following actual results for the product for May: Actual output 9,300unitsActual direct labor-hours 1,820hoursActual variable overhead cost$12,558 The variable overhead rate variance for the month is closest to:
A. $372 F B. $372 U C. $364 F D. $364 U