The process of planning, collecting, and analyzing data relevant to a marketing decision is called Marketing research.
Market research is the practice of evaluating the viability of a new service or product by interviewing prospective customers firsthand. Market research enables a business to identify the target market and obtain consumer comments and other input regarding their interest in the good or service.
This kind of research can be carried out internally, by the business itself, or by an outside market research firm. Surveys, product testing, and focus groups are all viable methods. Typically, test subjects receive free product samples or a small stipend in exchange for their time. The development of a new product or service requires extensive research and development (R&D).
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Answer:
Unearned Revenue $500
To Service Revenue $500
(Being the revenue earned is recorded)
Explanation:
The journal entry to record the revenue earned is shown below:
Unearned Revenue $500
To Service Revenue $500
(Being the revenue earned is recorded)
For recording this given transaction, we debited the unearned revenue and credited the service revenue so that the correct posting could be done
Plus, we ignored the advance received amount as it is not relevant
Answer:
True
Explanation:
The good guy-bad guy routine is one usually adopted by two people looking to buy a product. They both role play, and while one comes off as hostile and unreasonable, the other seems nice and friendly and even apologizes for the behavior of his or her partner.
They do this to unsettle the seller and purchase the product at a price favorable to them.
It is important for the seller to be able to recognize this good guy-bad guy routine, be well aware of his products and maintain control of the negotiations to sell at the right price.
Answer:
Determination of Gross Profit and Ending Inventory:
a. First-in, First-out (FIFO)
1. Determination of Gross Profit:
Sales $118
Cost of Sales 68
Gross profit $50
2. Determination of Ending Inventory:
Apr. 14 Purchase 1 $73
Apr. 28 Purchase 1 75
Total 2 $148
b. Last-in, First-out (LIFO):
1. Determination of Gross Profit:
Sales $118
Cost of Sales 75
Gross profit $43
2. Determination of Ending Inventory:
Apr. 2 Purchase 1 $68
Apr. 14 Purchase 1 $73
Total 2 $141
c. Weighted average cost methods:
1. Determination of Gross Profit:
Sales = $118
Cost of Sales = 72
Gross profit = $46
2. Determination of Ending Inventory:
Ending inventory = 2 x $72 = $144
Explanation:
FIFO, LIFO, and Weighted Average Cost Methods are different techniques for allocating costs of products to the cost of goods sold and the ending inventory. They produce different results. FIFO assumes that units sold are taken from the units purchased first. LIFO assumes that units sold are taken from the units purchased last. Weighted Average Method uses the average cost to determine the cost to allocate to cost of sales and ending inventory. The average cost is obtained by summing the total inventory costs and dividing it by the units available for sale. Then this average cost is applied to the quantity sold and the quantity remaining to obtain cost of goods sold and value of ending inventory.
