Explain the normal market price

Assignment Help Accounting Basics
Reference no: EM133267071

"Val's Foods signs a contract to buy 1,500 pounds of basil from Sun Farms, a small organic herb grower, as long as an independent organization inspects the crop and certifies that it contains no pesticide or herbicide residue. Val's has a contract with several restaurant chains to supply pesto and intends to use Sun Farms' basil in the pesto to fulfill these contracts. While Sun Farms is preparing to harvest the basil, an unexpected hailstorm destroys half the crop. Sun Farms attempts to purchase additional basil from other farms, but it is late in the season, and the price is twice the normal market price. Sun Farms is too small to absorb this cost and immediately notifies Val's that it will not fulfill the contract. Using the information presented in the chapter, answer the following questions."

Debate this with an example

"The doctrine of commercial impracticability should be abolished."

Reference no: EM133267071

Questions Cloud

Example of which challenge related to negotiating in teams : Peter's sudden outburst is a good example of which challenge related to negotiating in teams?
Describe and evaluate the changes in external environment : HRPG3002 Loyalist College Describe and evaluate the changes in the external environment and their impact on the organization.
Give two examples of subject and related problem : Industrial Company Essay - Give two examples of subject and related problem proposed by an industrial company in the area of your interest
How do your choices of how you spend your time fit : INTL 9760 Niagara College How do your choices of how you spend your time fit into your value chain? Do you ever spend time doing things that do not support
Explain the normal market price : "Val's Foods signs a contract to buy 1,500 pounds of basil from Sun Farms, a small organic herb grower, as long as an independent organization inspects the crop
Describe the term assignment : 1. Describe the term "Assignment". Give one example. 2. Describe the term "Delegation". Give one example.
How can the project manager reduce problems : How can the project manager reduce problems when integrating the work package and the network? Describe how the project manager can eliminate problems during
What kind of team should you bring : What kind of team should you bring, how should your team prepare for the first bargaining session, and how will you handle any problems
Were robert billing policies ethical : Geraldo Hernandez, a real estate developer, was sued by six separate parties in six cases resulting from a dispute about the same development project.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the primary measure used for asset valuation

What is the primary measure used for asset valuation on the statement of financial position? What is the source of this measure and justification for its use?

  What is best estimate of company net operating income

Bowe Corporation's fixed monthly expenses are $24,000 and its contribution margin ratio is 65%. Assuming that the fixed monthly expenses do not change.

  What management assertion primarily impacted is

Appropriate allocation on the balance sheet between the current and long term portion of the debt. The management assertion primarily impacted is

  Journalize the july transactions

Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions

  Calculate cost of sales for the year

Calculate cost of sales for the year. ABC Inc. uses the periodic method and reported the amounts for the year. Ending inventory $ 40000

  Determine dollar value of february expected cash

All sales are on credit. Widget has sales budgeted as $170,000 for January and $240,000 for February. Determine dollar value of February Expected Cash

  Report the entire amount as a taxable distribution

A taxpayer who takes a distribution from a traditional IRA in which they previously made nondeductible contributions must: Report the entire amount as a taxable

  The alphonse company allocates fixed overhead costs by

the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.

  Explain the delhome products comprehensive problem

Explain the concept for Delhome Products Comprehensive Problem. Analyze the impact for Delhome Products Comprehensive Problem

  Profitable business under certain conditions

Her other projections include an initial inventory of $15,000, assembly training for $2,500, cost of goods sold (COGS) approximately $35,000, selling expenses of $9,000 and general and administrative expenses of $7,000. She expects to pay 25% of h..

  Indicate the amount of gain or loss

For each situation below, indicate: a) the amount of gain/loss and b) how the gain/loss is treated from a tax standpoint. Situation 1: Sold for $7,000

  Compute the cost of goods destroyed

Compute the cost of goods destroyed, assuming that the gross profit is 331⁄3% of sales.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd