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galina1969 [7]
3 years ago
8

Nathan owns a quick-lube oil service station. He wants to understand whether his customers are sensitive to price and if he shou

ld raise or lower his price for some of his services. What should Nathan calculate to make his decision?
Business
1 answer:
miv72 [106K]3 years ago
5 0

Answer: Elasticity

Explanation:

 According to the given question, Nathan is basically use the elasticity factor for the purpose of calculation that helps in making various types his decisions as elasticity is one of the main factor that helps in measuring the economical price change.    

 Elasticity is one of business degree in which we used to measure the good change in the services and the price of the products. The elasticity is one of the type of ability that helps in understating the change in the demand of the consumer.

 Therefore, Elasticity us the correct answer.

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The purchases discount account or discounts received account.
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Assume that Beaver uses the periodic system, and the end of period ending inventory for January is 110 units. a. Prepare all nec
aleksandr82 [10.1K]

Answer:

<u>Part 1 a</u>

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Credit : Revenue $640

jan 11

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Credit : Accounts Payable $900

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Debit ; Accounts Receivable (120 x $8.75) $1,050

Credit : Revenue $1,050

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Credit : Revenue $900

jan 31

Debit ; Cost of Sales (100 x $5 + 150 x $6 + 160 x $7) $2,520

Credit :  Inventory $2,520

<u>Part 1 b</u>

<em>Gross Profit = Sales - Cost of Sales</em>

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = (100 x $5 + 150 x $6 + 160 x $7) = $2,520

Therefore,

Gross Profit = $2,590 - $2,520

                   = $70

<u>Part 2 a</u>

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Debit : Cost of Sales (80 x $5.00) $400

Credit : Revenue (80 x $8.00)  $640

Credit : Inventory (80 x $5.00) $400

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Debit : Cost of Sales (20 x $5.00 + 100 x $6) $700

Credit : Revenue (120 x $8.75) $1,050

Credit : Inventory (20 x $5.00 + 100 x $6) $700

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Debit : Cost of Sales (50 x $6.00 + 50 x $7) $650

Credit : Revenue (100 x $9.00) $900

Credit : Inventory (50 x $6.00 + 50 x $7) $650

<u>Part 2 b</u>

<em>Gross Profit = Sales - Cost of Sales</em>

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = ($400 + $700 + $650) = $1,750

Therefore,

Gross Profit = $2,590 - $1,750

                   = $840

Explanation:

<em>Hie, see the attached the full question as images below</em>

<u>Part 1</u>

Note that the question in this part requires us to use the Periodic Inventory System. In Periodic Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the <em>end of the Period</em>, in this case at the end of the month of January.

<u>Part 2 </u>

Again it is important to note that the question in this part requires us to use the Perpetual Inventory System. In Perpetual Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the <em>after each and every transaction made</em>.

<u>Overall Comment</u>

The Company use of FIFO should be considered in both the Periodic Inventory System in Part 1 and Perpetual Inventory System in Part 2. FIFO method assumes that the first goods received by the business will be the first ones to be delivered to the final customer.

That said, Cost of Sales for Part 1 are determined and recognized at the end of the period and Cost of Sales for Part 2 are determined and recognized after every sale transaction made

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