At the end of given period the gross profit method is required to estimate inventory.The valuation become invalid when the following are not available.the value for the beginning of inventory,records of purchase made, the total sale during the period and the gross profit margin.
Answer:
133 acres of sugar cane
and 300 of soybean provide a profit of $ 733,000
Explanation:
We setup the fromulas and use excel solver:
labor hours: 3 x sugar acres + 4 x soybean <= 1,600
profit = 1,000 x sugar acres + 2,000 soybean
with the restriction soybean <= 300
SOLVER
acres hours PROFIT
sugar cane 133 x 3 = 399 x 1,000 = 133,000
soybeans 300 x 4 = 1,200 x 2,000 =<u> 600,000 </u>
TOTAL 733,000
In a revenue management system; the forecasting, allocation, overbooking, and pricing must work in unison if the objective is to maximize the revenue generated by a perishable asset.
<h3>What is a revenue management system?</h3>
Basically, a revenue management system refers to a system that analyzes the combination of competitor rates, historical rates, market dynamics and inventory levels to predict demand and provide rate recommendations. A very good revenue management system will always automate the entire process and generate rates that can maximize revenue and profitability.
One of the example of use of Revenue Management is employed in the businesses of Hotel Management and the Airline Industry. The primary source of most revenue for hotels is found in their room rates and the revenue generated from the bookings is a simple multiplication of price and volume booked.
Read more about Revenue Management
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Answer:
The optimal usage of fabric = 2
Explanation:
Given the quantity, Q = 10 + 4F - (1/3) F^3
Selling price = $20
Profit = TR - TC
There is no variable cost and let the fixed cost is constant G.
Profit = PQ - G
Profit = 20(10 + 4F − (1/3)F^3)) - G = 0
Now take the first order derivative:
d(profit) / dF = 0
20(4 - F^2) = 0
F = 2
Therefore the optimal usage of fabric = 2
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