Case s ummary: Person GF joined an university KS as a head coach for men’s basketball team with a five-year contract with a salary of $ 300,000. In case of breach of contract by GF, he will be liable to pay liquidity damages that will be equal to the salary received by him, multiplied by the number of years remaining for the expiry of the contract. GF left the college four years before the termination of the contract. GF joined another university B at a salary of $ 700,000. University KS filed a suit in Ohio state court against GF. The court enforced the liquidity damages clause and awarded the university $ 1.2 million. GF appealed arguing that the liquidity damage clause was an unenforceable penalty. To e xplain: The impact of the record of the basketball team on the decision of the court.

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Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150 units at $220 each. If they sold 180 units during January, calculate the ending inventory value using FIFO method.

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Chapter 13, Problem 4CT

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Case s ummary: Person GF joined an university KS as a head coach for men’s basketball team with a five-year contract with a salary of $300,000. In case of breach of contract by GF, he will be liable to pay liquidity damages that will be equal to the salary received by him, multiplied by the number of years remaining for the expiry of the contract. GF left the college four years before the termination of the contract. GF joined another university B at a salary of $700,000. University KS filed a suit in Ohio state court against GF. The court enforced the liquidity damages clause and awarded the university $1.2 million. GF appealed arguing that the liquidity damage clause was an unenforceable penalty.

To e xplain: The impact of the record of the basketball team on the decision of the court.

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Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150 units at $220 each. If they sold 180 units during January, calculate the ending inventory value using FIFO method.

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