What part of the promotional campaign should change across different<br> promotional materials?

The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as fol

larisa86 [58]

Answer:

1. Journal Entries

January 1

Dr. Inventory $624,000

Cr. Account Payables $624,000

January 10

Dr. Account Receivables $532,000

Cr. Sales $532,000

January 28

Dr. Account Receivables $175,000

Cr. Sales $175,000

Dr. Cost of Goods Sold $276,400

Cr. Inventory $276,400

January 30

Dr. Cost of Goods Sold $97,500

Cr. Inventory $97,500

February 5

Dr. Account Receivables $70,000

Cr. Sales $70,000

Dr. Cost of Goods Sold $39,000

Cr. Inventory $39,000

February 10

Dr. Inventory $1,360,000

Cr. Account Payable $1,360,000

February 16

Dr. Account Receivables $1,319,500

Cr. Sales $1,319,500

Dr. Cost of Goods Sold $718,100

Cr. Inventory $718,100

February 28

Dr. Account Receivables $1,261,500

Cr. Sales $1,261,500

Dr. Cost of Goods Sold $696,000

Cr. Inventory $696,000

March 5

Dr. Inventory $1,166,880

Cr. Account Payables $1,166,880

March 14

Dr. Account Receivables $1,421,000

Cr. Sales $1,421,000

Dr. Cost of Goods Sold $793,040

Cr. Inventory $793,040

March 25

Dr. Inventory $246,000

Cr. Account Payable $246,000

March 30

Dr. Account Receivables $1,145,500

Cr. Sales $1,145,500

Dr. Cost of Goods Sold $644,640

Cr. Inventory $644,640

* Assuming Purchases and Sales are made on Account

2.

Sales Value = $5,924,500

Opening Inventory = $175,000

Closing Inventory = $307,200

Purchases = $3,396,880

Cost of Goods Sold = $3,264,680

Gross Profit = $2,659,820

3.

As the prices are increasing the Inventory value using last-in, first-out will be lower because all the unit sold at last are sold and inventory of the old items which was purchased on the lower cost remains in the closing inventory. The cost of Goods sold will be higher in this case.

Explanation:

First In First out (FiFO) is an Inventory method which determines the inventory value and it requires that the unit purchased first will be sold first.

Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory

Cost of Goods Sold = $175,000 + $3,396,880 - $307,200 =

Gross Profit = Sales Value - Cost of Goods Sold

Gross Profit = $5,924,500 - $3,264,680

Gross Profit = $2,659,820

Inventory Working is made in a MS Excel File, which is attached with this answer please find it.

Download xlsx

6 0

3 years ago

The term "benchmarking" as it relates to the hotel industry refers to a line-by-line analysis of an operating statement, compari

valentinak56 [21]

Answer:

The term "benchmarking" as it relates to the hotel industry refers to comparing metrics for hotels of similar size or profile.

Explanation:

a) Benchmarking is a process wherein a company's products, services, business processes, or performance metrics are compared with a “best in class” competitor. The purpose of benchmarking is to enable organizations to make improvements by adapting specific best practices. A retail shop's metrics can be compared with the leading retail shop in your area. Given the deep insight gathered from benchmarking, this retail shop can decide to alter its line of products, the way it competes in the marketplace, or to undertake some improvements in her business processes.

There are four types of benchmarking, including internal, competitor, functional, and generic. Internal benchmarking is limited to internal processes. Competitor benchmarking compares one company's processes, products, or services to another. Functional benchmarking compares one function of an entity to another entity's. While generic benchmarking compares unrelated companies' processes or functions.

7 0

4 years ago

Which of the following combinations should be avoided? a. high price and high quality b. low price and low quality c. heavy prom

NNADVOKAT [17]

Answer: heavy promotion and low (exclusive) availability

Explanation:

The wrong combination is high promotion and low availability, because when a product is highly promoted it would lead to high interest in that product from the consumers, this would lead to a high demand for that product from customers. And this high demand needs to be met with high supply, which is not the case here, therefore scarcity would set in.

4 0

3 years ago

Stresses a balance between resource use and resource availability?

Citrus2011 [14]

Answer:

conservation ethics

Explanation:

Conservation Ethics is a term in business-related operation that defines the appropriate use or average utilization of limited resources while sustaining the quality of general resources for human use such as natural habitats and atmosphere.

Hence, the correct answer is that Conservation Ethics Stresses a balance between resource use and resource availability

6 0

3 years ago

To determine whether the goal of stable prices is being achieved, the Federal Reserve monitors the ________; to determine whet

Kay [80]

Answer:

Core PCE deflator inflation rate;

the Output gap

Explanation:

Goals of Monetary Policy

There are several goals of monetary policy. They includes maximum employment, stable prices, and moderate long-term interest rates. Usually in the long run, the above goals works in harmony and empower each other, but in the short run, they might be in conflict. The main goal of this policy is price stability as it is the source of maximum employment and moderate long-term interest rates.

The Fed has two possible instruments:they includes;

1. Monetary base

2. Federal funds rate

Output Gap

When this gap is positive, an inflationary gap, the inflation rate increases drastically or accelerate. This will make the Fed to consider raising the federal funds rate. It is said that If the output gap is negative, a recessionary gap, inflation might ease. Thereby making the Fed to consider lowering the federal funds

The Stables Prices Goal

The Fed do put close attention to the CPI removing fuel and food which is the core CPI. The rate of increase in the core CPI is simply termed core inflation rate. The Fed do believes that the core inflation rate provides a better measure of the underlying inflation patterns and a better prediction of future CPI inflation.

5 0

3 years ago

What part of the promotional campaign should change across different promotional materials?