Which of the Following Is Needed in Order to Satisfy

question 49

Multiple Choice

Which of the following is needed in order to satisfy the Uniform Commercial Code's requirement for a written document?

• A)The contract or memorandum needs only to state the price of the goods.
• B)The contract or memorandum needs only to state the quality of the goods.
• C)The contract or memorandum needs only to state the quantity of goods to be sold.
• D)The contract or memorandum needs to state the price of the goods and the quality of the goods,but not the quantity to be sold.
• E)The contract or memorandum needs to state the price of the goods,the quality of the goods,and the quantity of goods to be sold.

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Definitions:

Manufacturing Overhead

All indirect manufacturing costs, including indirect labor, materials, and other expenses not directly tied to the production of goods.

Finished Goods

Finished goods refer to completed products that are ready for sale but have not yet been sold to customers.

Direct Materials Cost

The expense associated with raw materials that are directly included in the manufacturing of a product, an important component of total production cost.

Work in Process Account

A financial account found in the ledgers of manufacturing companies where costs related to the production process that are not yet complete are recorded.