Answered: Mr. Taj want to sell goods at higher…

Business

Accounting

Mr. Taj want to sell goods at higher price in future , suggest him best method of purchasing :

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 3Q: Think about a recent purchase you made. Describe what financial and nonfinancial factors went into...

See similar textbooks

Related questions

Q: What will be the cost of goods sold? a. 275000 b. 280000 c. All the options wrong d. 560000…

A: Solution: Cost of goods sold = Opening stock+ Purchases + Carriage inwards - Returns outwards -…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 5000, Carriage outwards OMR 2000,…

A: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: 2. How would you expect the ratios to differ between a discount supermarket and luxury retailer? A.…

A: Discount Stores The retail format provided by a discount store or discounter allows for the sale of…

Q: The cost of goods on hand and available for sale at any given time and treated as a current asset…

A: The cost of goods available on hand is an asset.

Q: When a customer returns goods, the merchandiser will:

A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods…

Q: when inventory cost entory value will be h kes will be lower unde e will be higher under ods sold…

Q: Imagine you have taken a once-prized and valuable possession to a consignment store. You tell the…

A: A retail store that specialized in a particular product or service in the retail consumer market…

Q: Most companies report their lower of cost or market write-down expense as a O Cost of Goods Sold O…

A: Most companies report their lower of cost or market write-down expense as ______ expense even if the…

Q: Use purchase price (in $) for the item. (Round your answers to the nearest cent.) o determine the…

A: Answer

Q: Which one of the following inventories may not be valued for balance sheet purposes at the…

A: Inventory is valued only at lower of Cost or Net realizable value(which is the selling price minus…

Q: Which one of the following statements is true regarding the cost of sales, if the perpetual…

A: The perpetual inventory system is the company where the company counts and records the inventory on…

Q: identify which is buying and selling rates. Is the buying rate always on the right or it depends?

A: The exchanging of one currency for another is known as foreign exchange, sometimes abbreviated as…

Q: Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual…

A: The net realizable value is calculated as selling price minus costs to sell.

Q: 1. What is the opportunity cost of not taking advantage of the discount associated with purchases…

A: The potential gains that individuals, investors, or corporations forego while selecting one choice…

Q: In a period of rising prices, FIFO will result in O lower net income than LIFO. lower net purchases…

A: Inventory valuation is the process by which the inventory of the entity is valued. It can be done…

Q: Cost of goods sold = Opening inventory + Purchases – Purchase returns (if any) – _________. Select…

A: Gross profit means the difference between the sale revenue and cost of goods sold. Cost of goods…

Q: Required: a) Using the equation method, calculate the number of uni b) How would your error affect…

A: A. 1) Number of units sold in 2018 Number of units sold = operating profit + fixed cost ÷…

Q: A store engaged in reselling jewelries would least likely employ which inventory system? a.…

A: based on the question answers of the question are to be given.

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Calculation of cost of goods sold from the following::::: cost of goods sold=Opening…

Q: resource cost of inflation

A: Inflation means an increase in the prices of the products thus leading to a decrease in purchasing…

Q: 61 If the home office ships merchandise to the branch at an amount above the cost, at what amount…

A: A BRANCH IS A UNIT OF BUSINESS ENTERPRISE LOCATED SOME DISTANCE FROM HOME OFFICE . A BRANCH…

Q: In which of the following purchase methods buying goods for taking advantage of favourable market…

A: Speculative purchasing is a method in which goods are purchased by taking advantage of favourable…

Q: If costs are rising, which of the following will be true?a. The cost of goods sold will be greater…

Q: Closing inventory should be valued at the lower of cost and net realisable value. Costs includes all…

A: As per IFRS 2 Inventory , Closing Inventory is to be measured at lower cost or Net relizable value.…

Q: Are net sales = Sales less? a. Sales returns b. Sales discounts c. Sales returns & allowances d.…

A: Gross sales minus returns, allowances, and discounts equal net sales. If net sales are reported…

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: Item Inventory quantity Unit cost price Unit market price Total cost price Total market price A…

Q: In a period of rising prices,a. cost of goods sold under LIFO will be less than under FIFO.b. gross…

Q: Complete the following table: (Do not round intermediate calculations. Round your final answers to…

A: Chain discounts, sometimes referred to as series discounts

Q: What is the amount of the trade discount on goods ordered with a list price of $3,450 and a trade…

A: Given, Price = $3,450 Trade discount = 334% =154%

Q: d. Early payment discount Who should pay the freight costs when the terms are FOB shipping pointa…

A: 9) option B is correct buyer When it comes to the FOB shipping point option, the seller assumes the…

Q: Which of the following included in the buyer's cost? A. All the descriptions are tight. B. Insurance…

A: Inventory cost refers to the cost that is related to the business associated with the holding…

Q: How can you describe the term Historical Cost? a. It is the amount paid to purchase an item plus any…

A: Historical value is the value of asset at it original cost when acquired by the company. Most of the…

Q: If merchandise inventory is being valued at cost and the purchase price is steadily falling, which…

A: Inventory can be valued using many ways such as : FIFO LIFO Weighted Average Average cost

Q: Can one generate regualar income via trading Please explain one of the price action startagy that…

A: Financial markets are the markets where the trading of financial assets, securities, and instruments…

Q: d P/S, which company will you buy? Show computations to support your decision.

A: In the year 2020, P/E = Price/EPS for 2020 P/B = Price/Book value per share P/S = Price/Sales per…

Q: Among the simple average pricing and weighted average pricing method. Which of the store ledger…

A: Simple Average Pricing method considers the average prices by taking only the prices and averaging…

Q: identify the correct statement from the following: Weighted average method can be used for inventory…

A: Weighted average valuation for inventory method means a method in which assign average cost of…

Q: 1. Which one of the following types of costs is most likely to be included in determining the cost…

A: Answer to the first question: The type of cost that is directly related to the cost of inventory is…

Q: A business uses a perpetual inventory system. During periods of rising prices, cost of goods sold…

A: In FIFO the earliest goods ( beginning) will be sold first.

Q: ption would you recommend in dealing with the excess retail inventory. and why? return the clothes…

A: Inventory is one of main problem company faces maintaining inventory is cost to company and not…

Q: Tajeer LLC is selling two different products such as Sugar and Wheat. Which of the following given…

A: Purchasing power is referred to as the value of currency, which used to express the number of…

Q: selling price and the gross margin

A: Cost of a unit of good = P Number of units purchased = n Markup rate = r

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

Q: he formula for calculating the selling price (or retail price) of an item when the Total Purchase…

A: Calculation of Sales Price, when purchase price is provided

Q: Which one of the following is a reason for the just- in-time inventory policy? Select one: A. The…

A: Just in time inventory policy means purchasing the inventory when ever required and not maintaining…

Q: The number of units of one good that trade for one unit of alternative goods can be determined most…

A: Product or Goods: In everyday speech, the terms "product" and "good" are interchangeable. When…

Q: d marble LLC want to calculate the cost of goods sold from the following data; opening stock: RO…

A: Given information :

Q: 2. Shepherd Cycles does not expect prices to change dramatically and wants to use a method that…

A: An inventory valuation allows a business to assign a monetary value to items in its inventory.…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Opening stock = OMR 30000 Purchases = OMR 40000 Closing stock = OMR 14000

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

‏Mr. Taj want to sell goods at higher price in future , suggest him best method of purchasing :

a . Purchase by requirement

b . Demand purchase

c . Market Purchase

d . Speculative Purchase Clear my choice

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The objective of is to encourage the buyer to purchase in large quantities and to increase the level of sales. a. Mark-up b. Cash discount c. Trade discount d. Margin
Owner wants to purchase larger percentage of goods on credit. what advice would you give?
Select the correct choice that completes the sentence below. The cost of an item if the full amount had been paid at the time of sale is called the O A. down payment price O B. installment price O C. total price O D. cash price
Conduct research on a real-world retailers trade discounts and policies, and discuss the following questions. Which company did you choose? What do they sell? What is a trade discount? What products are subject to a trade discount? Describe the discount terms/program in detail. Give examples. Are there any restrictions? What incentive does this company have to give a trade discount? How does this discount benefit the buyer? If the buyer had to choose between receiving a trade discount or regular cash purchase discount, which would benefit them more? Why?
3. If a retailer bought n numbers of goods at P price each, he sold each good at a rater marked up on the selling price. Describe how to find the selling price and the gross margin for each good. How is the gross margin used in sales? 1S 4. After learning the concept of mark up, how would you assess your market value in terms of abilities? What can you do to increase your market value?
At what value of the merchandise to be invested by Jimin?Required to answer. Single choice.
docs.google.com/forms choose the right answer Net profit is calculated in which of the following account? Trading account O Trial balance Profit and loss account C Balance sheet choose the right answer Goods returned by customer will be debited to which account? Return outward Purchases A/C O Return inward Customer's A/c O
Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the seller. 5. Refers to credit terms where goods in transit are owned by the buyer. 6. Calculated as net sales minus cost of goods sold. 7. A current asset that includes the cost to buy goods and make them ready for sale. 8. Purchaser's description of a cash discount received from a supplier of goods.
Question 14 What should you do to streamline the purchasing process once the customer approves an estimate? O Create invoice from purchase order O Create purchase order from the estimate Create a price rule from the estimate Create invoice from the estimate
Moving to another question will save this response. Question 4 Net Sales are calculated using: O A. Gross sales, cost of good available for sale, cost of goods sold O B. Gross sales, cost of goods sold, sales expenses C. Gross sales, cost of sales, purchases O D. Gross sales, sales returns & allowances, sales discount Moving to another question will save this response.
Which of the following is correct for net purchases ? Select one: a. Opening inventory + purchases - purchase discount- purchase returns + Frieght In b. Opening inventory + purchases + Frieght - closing inventory. O c. Purchases - purchase discount- purchase returns + Frieght In O d. Opening inventory + purchases + purchase discount- purchase returns + Frieght In
Think about a recent purchase you made. Describe what financial and nonfinancial factors went into that purchase. Rank the factors, and explain how you made the final decision to purchase the item.