The entry to record the inventory shrinkage is: Debit Cost of Goods sold $15,000; Credit Merchandise inventory $15,000 .
<h3>Inventory shrinkage </h3>
Based on the information given the appropriate journal entry to record the inventory shrinkage is:
Debit Cost of Goods sold $15,000
Credit Merchandise inventory $15,000
($10,000 +$35,000 - $30,000)
(To record inventory shrinkage)
Inconclusion the entry to record the inventory shrinkage is: Debit Cost of Goods sold $15,000; Credit Merchandise inventory $15,000 .
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Answer:
The type of scenario which is explained in which their is competition based pricing is called COMPETITIVE BID.
Explanation:
Here, it has been given that E-bay is a popular website. From this particular website people can buy and choose a variety of objects such as games, toys, face potato chips, game tickets, cars and many other interesting things.
The people on this site enter their amounts which they are willing to pay for that particular object on that site. By seeing this amount entered another one and other more people will enter some higher amounts for that particular object on the site.
Similarly some more other people will do same and choose more higher amount to be entered that they are willing to pay for that item or object.
SO, the type of scenario which is explained in which their is competition based pricing is called COMPETITIVE BID.
COMPETITIVE BID: This is referred to a process which is carried out by companies or individuals for the bid issuing that the companies or individual put together for a particular project, item or an object to get its best proposal.
It is also been passed by law and made mandatory for all the government agencies to follow it and does issual of the bid.
There are six processes in Bidding :
- First step goes in allocating the bigger opportunities.
- Second step is for determination of the process of bidding.
- Pre participation in bidding issues.
- submission of the bid
- Evaluating the bidding process and participate in the process
- contract winning.
Answer:
The answer is inelastic.
Explanation:
Since the income-elasticity is 0.5(less than 1), it means the product is income inelastic. Income inelastic means that increase in income of households does not mean there will be an increase in quantity demanded(i.e an increase in income lead to decrease in quantity of Canon demanded).
The cross-price elasticity with Kodak camera is equal to 1.25. This means that Kodak and Canon are substitutes
Options:
A price cap regulation _______.
a. eliminates deadweight loss
b. is often combined with a government subsidy,
c. which makes the market efficient is a price ceiling
d. sets price equal to marginal cost
Answer:
<u>c. which makes the market efficient is a price ceiling</u>
<u>Explanation:</u>
Price ceilings are usually enforced in other to maintain an efficient market. They directed mainly to sellers which restricts the price of a commodity to a maximum amount.
A good example is the price of<em> gasoline</em>, in many countries, the law mandates a maximum price gas stations can sell.
Answer:
Conflicts arise between pricing objectives, so sometimes you need to trade-off profit maximizing pricing objectives for market share maximizing pricing objectives, or vice versa.
Explanation:
Your pricing objectives can be either a price that maximizes profit, or a price that maximizes market share and sales volume.
The problem is that most of the times you cannot set one price that will achieve all the possible pricing objectives.
For example, if you want to maximize profit, your price will be high, but your sales volume will be small. If you want to increase your market share, you must sell your products at a low price.
