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During its first year of operations,Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages.Lease payments and utilities on the production facilities amounted to $17,000 while general,selling,and administrative expenses totaled $8,000.The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What is Silverman's cost of goods sold for the year?
Equitable Remedies
Court-enforced actions directed at a party in a civil lawsuit, aimed at correcting a legal wrong or injustices, such as orders for specific performance, injunctions, and rescissions.
Anticipatory Breach
A declaration or act by one party to a contract that they do not intend to fulfill their future obligations, allowing the other party to take legal action before the breach occurs.
Implied Condition
An implied condition refers to a term not explicitly stated in a contract but considered to be included and necessary for the fulfillment of the contract's purpose.
Express Condition
A condition specifically and explicitly stated in a contract and usually preceded by words such as conditioned on, if, provided that, or when.
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