Medium of exchange because it's the purchase that is in question here
Answer:
c. To focus on establishing a brand name
Explanation:
Specialty products are products that people want to buy because they are unique and are from a certain brand they prefer. According to this, the answer is that in this case, the objective of the manufacturers of Caroline Perfumes would be to focus on establishing a brand name because that would create customers' loyalty and they would be willing to make an effort to buy the product.
<h2>"Innovative" traits best describes Carol</h2>
Explanation:
Based on the given statement, Carol Bates is very much interested in grabbing the latest gadgets. It means that,
- Carol is updated
- Adaptable to change
- Have exploring capability to upgrade
- A technology savvy
- Monitors market and has good knowledge on current trends
- Self-motivated to be on track
- Has creative skills to use the latest gadgets
All the above qualities describes that Carol Bates is innovative.
Answer:
Cost of goods available for sale = $12,480
Explanation:
<em>The cost of goods available for sale is the sum of the value of the opening inventory plus the cost of new purchase. The cost of new purchase would include carriage inward cost if any.</em>
<em>For Oriole company , the cost of goods available for sale would be computed as follows:</em>
$
Opening inventory 2,340
Purchases
June 12 5,460
June 23 <u> 4,680 </u> <u> 10,140</u>
Cost of goods available for sale <u>12,480</u>
<em>Note that the sales made are not relevant for the purpose of determining the cost of goods available for sale. Also, the closing inventory would have been deducted from the cost of goods available for sale to arrive at the cost of goods sold should the question require it.</em>
Answer:d. LIFO will result in higher income taxes than FIFO
Explanation:
A period of rising prices means price will be higher on the latter goods than the former, inventory sold on Last in first out method (LIFO) will be costlier in this period than inventory sold on First in First out ( FIFO) this invariably means LIFO will result in lower net income due to high cost of inventory compared to FIFO and the lower the net income the lower the income tax this invariably means LIFO will result in lower income tax.
Average costing will yield result that are between those of LIFO and FIFO since it can an average of two price with one LIFO and the other on FIFO, LIFO will result in higher cost of goods sold since the latter goods will be costlier, FIFO will result in higher net income since the goods will be cheaper than LIFO.
