The Uniform Commercial Code (UCC) provides that if a sales contract is found to be unconscionable, a court can refuse to enforce that contract, but the UCC does not define unconscionability or provide any guidelines for courts to use in determining if a contract is unconscionable. This lack of guidance for courts has led courts to sometimes rule that contracts are not enforceable if a contract is too unfair or if a contract is so outrageous or immoral that it shocks the sensibilities of the court. Should there be more guidance given by the UCC to courts in determining unconscionability? What kind of guidance should be given? Can you think of a contract that would be unconscionable?
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Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.