Money that’s the amount you would use
Answer:
"Business Analysis".
Explanation:
According to my research, new-product development is the complete process that a company goes through in order to bring a new product to the market. Based on the detailed description given within the question, I can say that the Stage being described is called "Business Analysis". This is one of the beginning stages within the development process.
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Answer:
The amount of inventory to be reported on the financial statements is:
$666,900
Explanation:
a) Data and Calculations:
Inventory at retail = $1,235,000
Ratio of cost to retail price = 54%
Amount of inventory to report = $1,235,000 * 54% = $666,900
b) Inventory is usually reported at the cost in the financial statements. While the business may ascertain its inventory at retail prices, it will still report the inventory at cost prices in the financial statements. Because of the many drawbacks of the retail method, it is not always used. For instance, the method does not work if the entity does not have a consistent markup across all products that are sold.
