Clark purchased a life insurance policy on himself and made his son, russ, the beneficiary. unfortunately, while clark was taking a vacation with his wife, he was involved in a car accident and passed away. russ did not find clark's insurance policy until six months after clark's death. russ immediately contacted the insurance company to claim the money. the insurance company refused to pay him, claiming that he failed to notify it of clark's death within three months of his death as required by the policy. russ claimed that he was not bound to the time limitations because even though he knew his dad had insurance, he did not agree to that limitation and was not a party to the contract. the insurance company is a(n)

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.