What is the method of identification of goods specified under UCC guidelines?
What will be an ideal response?
Identification of goods can be made at any time and in any manner explicitly agreed to by the parties of a contract. In the absence of such an agreement, the UCC mandates when identification occurs:
Already existing goods are identified when a contract is made and names the specific goods sold or leased.
Goods that are part of a larger mass of goods are identified when the specific merchandise is designated.
Future goods are goods not yet in existence. Future goods other than crops and unborn young are identified when the goods are shipped, marked, or otherwise designated by the seller or lessor as the goods to which the contract refers.
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Gerhan Company's flexible budget for the units manufactured in May shows $15,800 of total factory overhead; this output level represents 70% of available capacity. During May, the company applied overhead to production at the rate of $3.00 per direct labor hour (DLH), based on a denominator volume level of 5,940 DLHs, which represents 90% of available capacity. The company used 6,000 DLHs and incurred $16,400 of total factory overhead cost during May, including $7,700 for fixed factory overhead.What is the factory overhead efficiency variance (to the nearest whole dollar) for May under the assumption that Gerhan uses a four-variance breakdown (decomposition) of the total overhead variance? (Round your intermediate calculation to 2 decimal places.)
What will be an ideal response?
A new loan will be debit buyer, credit seller.
a. true b. false