All of the following accurately describe the features and characteristics of a contract EXCEPT: a. The project organization is always a buyer in a contract arrangement b. A contract binds both the seller and the buyer. c. A contract obligates the seller to provide a specified product or service. d. A contract obligates the buyer to pay for a specified product or service.

Dakota products has a production budget as follows: may, 16,000 units; june, 19,000 units; and july, 24,000 units. each unit requires 3 pounds of raw material and 2 direct labor hours. dakota desires to keep an inventory of 10% of the next month’s requirements on hand. on may, 1 there were 4,800 pounds of raw material in inventory. direct labor hours required in may would be: