Harry also is a furniture dealer in town. Harry calls up another merchant and says he will sell 40 dressers for the $300 each and the other merchant says you have a deal. Harry then sends an email to the other merchant confirming what they just said, and said he (Harry) must send the items in one week. The other merchant promptly responds and says he does not want them until December 1, two months away and asks Harry to hold them until then and that he (HArry) must now reduce the price to $155 each. Harry says we had a deal, and I am shipping them tomorrow and I expect to be paid or I will sue. A reasonable shipment time is 2 weeks. The $300 price is reasonable, and $155 is not a good price and pretty unreasonable. However, Harry waits until two months, and then ships the dressers, and other merchant accepts them. Harry bills the merchant for $300 each. Harry reads Section 2-207 of the UCC which says:

How is the division of labor accomplished?

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Norton manufacturing expects to produce 2,900 units in january and 3,600 units in february. norton budgets $20 per unit for direct materials. indirect materials are insignificant and not considered for budgeting purposes. the balance in the raw materials inventory account (all direct materials) on january 1 is $38,650. norton desires the ending balance in raw materials inventory to be 10% of the next month's direct materials needed for production. desired ending balance for february is $51,100. what is the cost of budgeted purchases of direct materials needed for january? $58,000 $65,200 $26,550 $25,150