Tim Agrees to Sell JJ His Skateboard for $200 Provided

question 69

Multiple Choice

Tim agrees to sell JJ his skateboard for $200 provided that JJ pays the $200 within the next 3 days.JJ shows up 4 days later with $200 demanding the skateboard but Tim refuses to sell JJ the skateboard.What can JJ do?

• A)Enforce the contract because he is only one day late.
• B)Enforce the contract because Tim is estopped from refusing to sell the skateboard.
• C)Nothing, because the contract is unenforceable due to JJ's failure to accept in the required manner.
• D)Nothing because the contract is not in writing.

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Definitions:

Equivalent Units of Production

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.

First-In, First-Out Method

An inventory valuation method where the oldest inventory items are recorded as sold first, with the cost of these oldest items used for accounting purposes.

Weighted-Average Method

An inventory costing method that averages the cost of goods available for sale and assigns the average cost to ending inventory and cost of goods sold.

Step-Down Method

An indirect method of cost allocation that allocates costs of service departments to producing departments in a sequential manner.