Which of the following statements is true about an agency by ratification?
A) A principal must have full knowledge of an agent's actions for the agency to be effective.
B) It occurs when a third person is led to believe by a principal that a certain individual is the principal's agent.
C) It occurs when a principal draws up a legal document to establish an agency relationship before an agent undertakes any action.
D) A third party must be unaware of the existence of a principal at the time of an agent's act for the agency to be effective.
A
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A company purchased 110 units for $40 each on January 31. It purchased 200 units for $25 each on February 28. It sold 200 units for $50 each from March 1 through December 31
If the company uses the weighted-average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.) A) $9,400 B) $6,064 C) $4,400 D) $5,000
An approach that involves using the good will of a third party to make contact with the prospect is the:
A) referral approach B) question approach C) product demonstration approach D) survey approach E) premium approach