Question

Calculate revenue. Revenue is the quantity sold times the price for the product. The quantity sold will be the smaller of the quantity supplied or the quantity demanded. (You can't sell more than you are willing to make even if the market demands a higher quantity. Likewise you can't sell more than is demanded even if you are willing to supply more than the quantity demanded.) You will need to calculate which of these values is smaller because quantity demanded will be smaller than quantity supplied for some prices, but not others.

Answer 1

Answer:

Revenue for Smart Suiting is $521,306.

Explanation:

Revenue is the business operational source of finance. IFRS has made standards for revenue recognition which need to be followed by all organizations. The revenue should be calculated after deducting trade and cash discounts. If there is any sales return it should be deducted from the gross revenue figure. Net revenue should be reported in the Income Statement.