Answer:
False
Explanation:
Traditionally, department stores sold both soft goods and hard goods. But now, most department stores focus almost exclusively on soft goods.
Soft goods refers generally to clothing and other textiles like bedding and fabrics.
Hard goods refers to a broad range of products like appliances, furniture, tools, electronics, etc.
When you get hired for a well-paying job, you will most likely view older used cars as<u> inferior goods.</u>
<h3><u /></h3><h3><u>What are inferior goods?</u></h3>
As consumer income rises, customer demand declines for a class of inferior goods. Low-cost alternatives to "normal products," or necessities like food and household supplies, are frequently found in inferior goods. For instance, when someone's wage is cut, they might buy cheaper, poorer things than they would otherwise. When their earnings increases again, they're more likely to buy regular things rather than cheap ones.
The word "inferior" refers to the product's price and perceived worth rather than its quality. The quality may occasionally be inferior to an equivalent standard good, but it may also occasionally be the same. In reality, there are occasions when the only distinctions between regular goods and equal substandard goods are the packaging and price of the goods.
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Answer: Inventories and cost of goods sold.
Explanation:
Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.
The difference that's then between the actual costs and expected costs are then recorded as variance. It should also be noted that when a company prepares financial statements using standard costing, the items that are reported at standard cost will be Inventories and the cost of goods sold.
