The readings suggest there are certain strategies for pricing new products, which is decidedly more difficult than adjusting prices to existing products. The new product pricing approaches are:
Skimming
Penetration
Everyday low prices
The pricing approaches discussed for existing products are:
Cost plus
Markup
Markdown
Odd-even pricing
Prestige pricing
Price lining
Demand backward pricing
Leader pricing
Sealed bid pricing
Going-rate pricing
Price bundling
Captive pricing
Product mix pricing
Two-part pricing
Promotional pricing
There is no shortage of pricing approaches, and as customers, we are exposed to all of them at some time or another in our purchasing processes.
Choose one of the pricing approaches and discuss the product, the pricing approach, and why you think it is the most appropriate approach for that particular product given your consumer characteristics. Be sure you understand the definition of your approach before tackling this topic.
Many of you will be tempted to use promotional pricing since it is the easiest to demonstrate. So promotional pricing is not "for sale" (pun intended). Pick one of the other approaches for this topic.
Answers
Answer:
Strategy - Prestige Pricing
Product - Female Bags
Explanation:
Another term for this is Premium Pricing or Image Pricing.
It's a pricing strategy where a product's price is set very high in order to create the impression that it is of very high quality. This strategy is mostly used if it is discovered that keeping the prices low will discourage sales or at best leave it dormant.
In order to use this strategy successfully, the manufacturers always take particular care to differentiate the product by including additional features to the product such as using high-quality materials.
The target market for this product is usually the influencers and love to show off. In order words, they are more particular about their image.
For this strategy to work, the manufacturer has to be consistent in the brand positioning and pay exceptional attention to fine details and finishing. It is also important to target consumers with high spending ability.
A real-world example of a business that uses this strategy is Nike.
Cheers
Related Questions
Precision Systems manufactures CD burners and currently sells 18,500 units annually to producers of laptop computers. Jay Wilson, president of the company, anticipates a 15 percent increase in the cost per unit of direct labor on January 1 of next year. He expects all other costs and expenses to remain unchanged. Wilson has asked you to assist him in developing the information he needs to formulate a reasonable product strategy for next year.
You are satisfied that volume is the primary factor affecting costs and expenses and have separated the semivariable costs into their fixed and variable segments. Beginning and ending inventories remain at a level of 1,000 units. Current plant capacity is 20,000 units. The following are the current-year data assembled for your analysis.
Sales price per unit $100
Variable costs per unit:
Direct materials $10
Direct labor $20
Manufacturing overhead and selling and administrative expenses 30 60
Contribution margin per unit (40%) $40
Fixed costs $390,000
Required:
a. What increase in the selling price is necessary to cover the 15 percent increase in direct labor cost and still maintain the current contribution margin ratio of 40 percent?
b. How many units must be sold to maintain the current operating income of $350,000 if the sales price remains at $100 and the 15 percent wage increase goes into effect?
c. Wilson believes that an additional $700,000 of machinery (to be depreciated at 20 percent annually) will increase present capacity (20,000 units) by 25 percent. If all units produced can be sold at the present price of $100 per unit and the wage increase goes into effect, how would the estimated operating income before capacity is increased compare with the estimated operating income after capacity is increased? Prepare schedules of estimated operating income at full capacity before and after the expansion.
Answers
a. An increase of $20 per unit is necessary to cover the 15 percent increase in direct labor cost and maintain the desired contribution margin ratio.
b.The fixed costs and desired operating income remain the same, so the contribution margin per unit of $40 is used. The required sales volume is 18,500 units.
c. The estimated operating income after capacity expansion can be determined by increasing the production and sales volume by 25 percent, i.e., 23,125 units
a. To maintain the current contribution margin ratio of 40 percent, the selling price per unit needs to be increased by 20 percent [(15 percent wage increase) / (current contribution margin ratio)].
Therefore, an increase of $20 per unit is necessary to cover the 15 percent increase in direct labor cost and maintain the desired contribution margin ratio.
b. To maintain the current operating income of $350,000, the number of units that must be sold can be calculated using the contribution margin ratio.
The fixed costs and desired operating income remain the same, so the contribution margin per unit of $40 is used. The formula for calculating the required sales volume is:
(Number of units) = (Fixed costs + Desired operating income) / Contribution margin per unit
Plugging in the values, we have:
(Number of units) = ($390,000 + $350,000) / $40 = 18,500 units
c. Before the capacity expansion, the estimated operating income can be calculated using the current production and sales volume of 18,500 units.
The estimated operating income after capacity expansion can be determined by increasing the production and sales volume by 25 percent, i.e., 23,125 units.
The schedules of estimated operating income at full capacity before and after the expansion can be prepared by multiplying the respective sales volumes with the contribution margin per unit and subtracting the fixed costs and the wage increase.
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Suppose a random sample of size 50 is selected from a population with σ=10. Find the value of the standard error of the mean in each of the following cases (use the finite population correction factor if appropriate).
a) The population size is infinite. (to 2 decimals)
b) The population size is N = 50,000. (to 2 decimals)
c) The population size is N = 5000. (to 2 decimals)
d) The population size is N = 500. (to 2 decimals)
Answers
The value of the standard error of the mean in each of the following cases is:
a. Population size is infinite = 1.4142
b. Population size is N = 50,000 = 1.4135
c. Population size is N = 5000 = 1.4073
d. Population size is N = 500 = 1.3430
How to find the standard error of the mean?Given data:
Random sample of size =50
Population = σ=10
a. Population size is infinite
Standard deviation of sample mean = σ/√n
Standard deviation of sample mean = 10 /√50
Standard deviation of sample mean = 1.4142
b. Population size is N = 50,000
Standard deviation of sample mean =[√ 50,000 -50 / 50,000 -1 ]× (1.4142)
Standard deviation of sample mean = 1.4135
c. Population size is N = 5000
Standard deviation of sample mean =[√ 5,000 -50 / 5,000 -1 ]× (1.4142)
Standard deviation of sample mean = 1.4073
d. Population size is N = 500
Standard deviation of sample mean =[√ 500 -50 / 500 -1 ]× (1.4142)
Standard deviation of sample mean = 1.3430
Therefore the standard error of the mean in each of the following cases is: 1.4142, 1.4135, 1.4073, 1.3430.
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Question 1: Critique the case from a leadership, internal and external communication with stakeholders, and barriers to communication point of view.
Answers
A general view from the leadership, internal and external communication with stakeholders has been provided
The leadership, internal and external communication with stakeholdersLeadership:
Efficient leadership necessitates setting a definitive vision, encouraging and motivating personnel, and making judicious decisions when required. A successful leader should succinctly verbalize the vision and objectives of the organization and guarantee that employees comprehend their positions in attaining those aims.
Internal communication with stakeholders:Interior communication with stakeholders pertains to communication within an institution with staff, superior executives, and additional internal stakeholders. Successful internal communication can facilitate aligning the visions and aspirations of the corporation and guaranteeing that everybody is progressing towards common ambitions.
External communication with stakeholders:
External communication with stakeholders alludes to communication with purchasers, vendors, financiers, and other external parties. Effective external communication can promote constructing associations with these stakeholders, embellish the standing of the establishment, and elevate customer gratification.
Barriers to communication:Certain obstructions to productive communication can affect the capability of leaders to communicate effectively with stakeholders. These impediments involve speakers barriers, cultural differences, physical detachment, and technological issues. Other hindrances consist of inadequate trust, deficient listening aptitudes, and indefinite or ephemeral messages.
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Y=C+I+G C=120+0.8×(Y−T) I=500−50×r G=150 T=125
Answers
The value of the Income based on the consumption and investment given will be 4350 - 250r.
How to calculate the national income?Based on the information given, it should be noted that the income of a country is represented as:
Y = C + I + G
In this situation, the meaning of the terms include:
Y = Income
C = Consumption
I = Investment
G = Government Expenditure
C=120+0.8×(Y−T)
I=500−50×r
G=150
T=125
Y = C + I + G
Y = 120 + 0.8Y - 0.8T + 500 - 50r + 150
Y = 120 + 0.8Y - 0.8(125) + 500 - 50r + 150
Y - 0.8Y = 120 + 100 + 500 - 50r + 150
0.2Y = 870 - 50r
Y = 4350 - 250r
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Complete question
Given Y=C+I+G C=120+0.8×(Y−T) I=500−50×r G=150 T=125. Find the value of y
Dividends cause a(n) increase/decrease)_________ in equity and are recorded directly in
Answers
Answer:
Decrease (debit) in equity, Cash Dividends Payable (credit, liability account)
Explanation:
The journal entry to record the declaration of the cash dividends involves a decrease (debit) to Retained Earnings (a stockholders' equity account) and an increase (credit) to Cash Dividends Payable (a liability account).
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SunRay Foundation, a corporation owned and managed by volunteers, supplies medicines and vaccines to impoverished people in Asia and Africa. Its focus is not on earning a surplus but on serving the community. SunRay Foundation is an example of
Answers
Answer:
" Nonprofit corporation" is the right solution.
Explanation:
A non-profit corporation would be an organization constructed again for benefit of the community better, for compassionate or some other kind of government service primary motivations, instead of just merely to generate a financial gain on its own, as when the customer requested to be doing. The strongest reason for utilizing the whole degree of formal entity is that everything is responsible for claim federal and state taxes on just about any earnings the corporate entity receives, with exception of for corporate entities.One of the flaws of Al-assisted translation tools is? A. work best on text with idiomatic expression and complex phrasing B. they get the gist of the text, but not an exact translation C. they only work well when a text contains a significant amount of abstract ideas they are more expensive that having a human do the translation work D. they process language , not read it for understanding
Answers
D. They process language, not read it for understanding.
AI-assisted translation may work well when literal translation is needed, that is, when translation must be free of any form of interpretation, since interpretation is inextricably linked with subjectivity, abstraction and irrational or surreal elements on human thinking.
AI-assisted translation can translate literal meaning of words and literal structure of grammar, but it cannot understand the sense behind words and sentences.
Therefore, we conclude that right answer is D.
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What is the yearly cost per thousand of a whole life policy with a face value of $25,000 if the annual premium is $567?
Answers
Answer:
$22.68
Explanation:
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Can someone please tell me which ones are hard or soft skills?
Creativity
Computer Programing
Graphic Design
Civil Engineering
Leadership
Communication
Flexibility
Video editing
Server Maintenance
Time Management
Answers
Answer: tell me
Explanation: when you find out let me
Assume you are 25 and earn 29,000 $ per year, never expect to receive a raise, and plan to retire at age 55. If you invest 5 percent of your salary in a 401(k) plan returning 8 percent annually, and the company provides a $0.50 per $1.00 match on your contributions up to 3 percent of salary, what is the estimated future value of your 401(k) account? Once you retire, how much can you withdraw monthly if you want to deplete your account over 30 years?
Answers
Once you retire, the amount that you can withdraw monthly if you want to deplete your account over 30 years equals to $17,963.1013.
What is a Retirement Account?Basically, a retirement account is considered a savings plan for future income after retirement. People makes deposits to an interest-earning investment on a fixed interval to grow the value of the account.
Annual contribution from employee = $29,000 * 5% = $1,450
Annual contribution from employer = $1,450 * 50% = $725
Number of years in the accumulation phase (N1) = 55 - 25 = 30
Annual interest rate (I) = 8 %
Number of monthly payments in the distribution phase (N2) = 30 x 12 = 360
Annual contribution = $1,450 + $725 = $2,175
The future value of retirement account after 30 years:
= $2,175 * (((1 + 8%)^30 - 1) / 8%)
= $2,175 * 113.283211113
= $246,390.984
The monthly withdrawal after retirement:
= $246,390.984 / (((1 + 8%/12)^-360) / 8%/12)
= $246,390.984 / (0.09144337233/0.00666666666)
= $246,390.984 / 13.7165058632
= $17,963.1013
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If an employee’s employment is terminated, and they are governed by a collective agreement or the organization policy that provides greater than the employment or labor standards, then:
a the collective agreement or the organization’s policy prevails
b the employment or labor standards prevails
c call the ministry of Labor for a ruling
d none of the above
Answers
Answer:
A
Explanation:
the collective agreement prevails since it is a contract job.
if the contract of the job is breached, then call the ministry of labour for a ruling
Yum! Brands, the parent company of KFC, has pursued an aggressive growth strategy in China. There are now more than 3,700 restaurants in 650 Chinese cities, and KFC has a 40 percent market share of the entire fast-food industry there. Yum! Brands China owns and directly manages about 90 percent of its Chinese stores, so it appears that the company prefers __________ in this market.
Answers
Answer:
Direct Investment
Explanation:
DIRECT INVESTMENT can be defined as an investment in which a company, organisation or business owner decide to venture into business with another country which is know as foreign business enterprise in order to acquire and obtain a controlling interest in the enterprise which is why DIRECT INVESTMENT is a way of controlling the ownership of a business in one country by an another entity which is based in another country.
Most Investors use the DIRECT INVESTMENT way to put money into a business operating in another country.
Therefore based on the information given the company prefers DIRECT INVESTMENT method which is why the parent company of KFC has more than 3,700 restaurants in 650 Chinese cities in which the Brands China owns and directly manages about 90 percent of its Chinese stores.
Hence this method is called the DIRECT INVESTMENT method .
Evaluate whether Min-Chul is right to focus more on non-financial motivators than financial
motivators to attempt to motivate employees.
Answers
The most prevalent financial motivations occur at work and entail monetary rewards. These are your extrinsic motives, often known as carrots and sticks, which are used to encourage and reward employees for specific achievement behaviors.
Financial incentives drive workers and make them aware of what they stand to gain or lose depending on their performance when they are effectively conveyed. The employee can more easily provide for their families and materially better their lives outside of work thanks to this kind of inducement. Financial incentives can also raise short-term morale and productivity.
Naturally, not everyone is driven by money, and Gallup has discovered that there is no connection between engagement and pay scale. In addition, because of their monetary character, financial motivators frequently have declining returns. Less frequent non-financial motivators are frequently intangible and do not explicitly involve money. These can take various forms, such as acknowledgment, increased accountability and faith in a position, involvement in decisions, adaptable schedules, mentoring, feedback, and others.
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What will produce more accurate results when giving a survey?
A. Using the word "frequently" in a question
B. Creating face-to-face interviews
C. Adding boxes to check for answers
D. Creating an open questions
Answers
Answer:
Option B; Creating face-to-face interviews
Explanation:
Research has shown that face-to-face interviews tend to produce more accurate results when giving a survey. So the correct answer is option B.
as the tax assessor for Indian creek county, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $800,000,000. currently, the assessment rate is 35% and the tax rate is 40 mils. The county commission increases the assessment rate to 45% and the tax rate to 45 mils
Answers
Answer:
this didnt make sense but ok
Explanation:
What is the ability of a product to satisfy a customer
Answers
Answer:
utility is the ability of a product to satisfy human wants and needs.
Amazon is the dominant firm in the online shopping service industry, which has a total market demand given by Q = 100 – 2 P. Amazon has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TCi = 10 Qi + Q i 2. If Amazon’s total costs are given by TCA = 10 + 10 QA, , how much does the industry as a whole produce at this price?
Answers
The price that Amazon has to establish for their online shopping should be $20.
The Excel financial functions section includes the Price Function. It will determine the cost of a bond with a $100 face value that accrues interest on a recurring basis. The PRICE function in financial analysis can be helpful when we want to borrow money by selling bonds rather than stocks.
We have the price function as
P = 10 + 2Qi
Make Qi subject
= Qi = 0.5P - 5
4 firms with identical features
This would give us
Qs = 4Qi
Qs = 4(0.5P -5)
Qs = 2p - 20
Q = 100 - 2p
Qa = Q - Qs
(100 - 2P) - (2P -20)
Take like terms
100 - 2p - 2p + 20
100 - 4p + 20
Qa = 120 - 4p
Make p subject
p = 120 - Qa / 4
p = 30 - 0.25Qa
TRa = p*Qa
= (30 - 0.25Qa)Qa
= 30Qa - 0.25Qa²
MRa
= 30 - 0.5Qa
TCA = 10 + 10QA
= ΔTCA / ΔQA
= 10
30 - 0.5QA = 10
Take like terms
30 - 10 = 0.5Qa
divide through by 0.5
20/0.5 = Qa
40 = Qa
Output produced = 40.
We have P as
30 - 0.25QA
P = 30 - 0.25( *40)
= 20
Hence the price that Amazon has to establish for online shopping should be $20
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What are some benefits of using personalization?
Answers
Answer:
According to marketing surveys, more than 80% of the B2B marketers have shifted from traditional methods to hyper personalization strategies to get more engagement.
1. It’s a different approach
2. It stands out among your competitors
3. Word of Mouth Always Works
Which of the following is an assumption of the theory of monopoly?
a. there are extremely high barriers to entry
b. there are many sellers
c. the product has a number of close substitutes
d. the product is of extremely high quality
Answers
Answer:
A
Explanation:
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31.
Gain on sale of equipment $6,350 Depreciation expense—Office copier $600
Office supplies expense 770 Sales discounts 15,700
Insurance expense 1,240 Sales returns and allowances 4,000
Sales 215,000 TV advertising expense 2,100
Office salaries expense 31,500 Interest revenue 600
Rent expense—Selling space 11,000 Cost of goods sold 88,100
Sales staff wages 23,000 Sales commission expense 13,600
Required:
Prepare a multiple-step income statement.
Answers
Answer: Check attachment
Explanation:
Note that, in the attachment, the total expense was calculated as the addition of the selling expense and the general and administrative expenses. This will be:
= $49700 + $34110
= $83810
Operating income was calculated as:
= Gross profit - Total expenses
= $107200 - $83810
= $23390
Check the attachment for further details.
Which is a type of insurance to avoid?
O Identity theft insurance
O Disability insurance
O Long-term care insurance
O Mortgage insurance
Answers
Answer:Identity theft insurance
Explanation:
What are the six phases of the communication process?
Answers
Answer:
The six (6) phases of the communication process are:
SenderEncodeMediumDecodeReceiverFeedbackHope that this helps :)
Imagine that your production team has an assignment due by the end of the week. It was brought to your attention that a few members of your team are not contributing to the project. As a leader, describe how you could use at least two different motivational techniques and strategies you learned in this unit to address the issue
Answers
The production team has an assignment due by the end of the week. As a leader, the strategies are make the deadline known to the general population, give attention to planning etc.
How would you motivate your team to be more productive under the earlier deadline?Employing techniques that encourage employees to act is necessary if you come across workers who consistently make promises to meet deadlines but never follow through.
By making a public announcement about a significant project that they should be working on, you may hold your employees more responsible.
If the completion of a project has the potential to significantly improve your organization, you cannot stand mediocrity.
Therefore, the production team has an assignment due by the end of the week. As a leader, the strategies are:
Make the deadline known to the general population.Give attention to planning etc. Examine potential issues and keep an open mind to solutions.To know more about the team and deadline, visit:
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To help audiences understand large amounts of information, which visuals are the most suitable?
Answers
different between isoquant and isocost
Match each tax form to its purpose.
Form 1098-E
Form 1098-T
Form 1099-DIV
Form 1099-INT
shows interest income
shows income from dividends
shows interest paid on a student loan
shows tuition payments
Answers
Answer:
Form 1098-E ⇒ shows interest paid on a student loan
This form is used by taxpayers to deduct student loan interests.
Form 1098-T ⇒ shows tuition payments
This form is used by taxpayers to claim education credits.
Form 1099-DIV ⇒ shows income from dividends
This form is used by taxpayers to report dividends.
Form 1099-INT ⇒ shows interest income
This form is used by taxpayers to report interest income.
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
Answers
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,500 from Diamond Incorporated with terms 3/10, n/30. June 5 Returned goods costing $700 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,150 with terms 3/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answers
Ace Incorporated's Cost of Inventory on June 30 is $3,950.
Data and Calculations:
June 3 Inventory $3,500 Accounts Payable (Diamond Incorporated) $3,500
terms 3/10, n/30
June 5 Accounts Payable (Diamond Incorporated) $700 Inventory $700
June 6 Inventory $1,150 Accounts Payable (Club Corporation) $1,150
terms 3/10, n/30
June 11 Accounts Payable (Diamond Incorporated) $2,800 Cash $2,716 Cash Discounts $84
June 22 Accounts Payable (Club Corporation) $1,150 Cash $1,150
Summary of the Cost of Inventory:
June 3 Inventory $3,500
June 5 Returns -700
June 6 Inventory $1,150
Cost of inventory $3,950
Thus, the Cost of Ace Incorporated's Inventory on June 30 is $3,950.
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What does this picture reminds you of a nightmare of give 2-4 sentences
Answers
This picture reminds you of a nightmare as it looks scary and threatening and seems like blood coming from eyes indicated through red color.
What is a nightmare?Nightmares are a condition that is closely linked to tension, stress, and trauma. Physiological well-being is regarded as a problem in this condition, and it is frequently a symptom of the fundamental and curable disorder.
As well as emerging in combination with horrific memories and other psychiatric conditions like depression, cognitive deficits, and bipolar disorder, nightmares are more common during stressful times.
In the given case, the picture is shown as a nightmare as it is scary developing fear in an individual with its effects like red color liquid coming from the eyes which can be denoted as blood.
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The Better Business Buniau is a consumer protection organization sponsored by consumer groups.
O a. True
O b. False
Answers
True
Hope this help
A car dealer acquires a used car for $12,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include $100 for transportation-in. $170 for shipping insurance. $800 for car import duties. $140 for advertising. $1,400 for sales staff salaries. $150 for trimming shrubs.
Answers
Answer:
$13,070Explanation:
The Cost of inventory = all cost of purchase; including costs of conversion and transfer.
Calculation of Inventory Cost FOB ship.
Cost of Purchase $12,000
Transportation-in $100
Shipping insurance $170
Car import duties $800
Total Cost $13,070