IGOT7 Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the shirts to the store for RM40 each. The cost to the store for placing an order is RM110, and the annual carrying cost is 20% of the cost of the shirt. Jackson, the store manager, estimates that 1,600 shirts will be sold during the year. The vendor has offered the store the following volume discount in Table 2. Order Size 1 - 299 300 - 500 501 and more Table 2: Discount schedule Discount 0% 2% 4% Cost/Price RM40.00 RM39.20 RM38.40

How can you provide recommendations to improve efficiency in a parts store?

Identify whether each of the following costs should be classified as product costs or period costs. (a)    Period CostsProduct Costs   Manufacturing overhead. (b)    Period CostsProduct Costs   Selling expenses. (c)    Period CostsProduct Costs   Administrative expenses. (d)    Period CostsProduct Costs   Advertising expenses. (e)    Period CostsProduct Costs   Direct labor. (f)    Period CostsProduct Costs   Direct materials.

List the four components of a schedule of cost of goods manufactured and provide specific examples of each for Apple

Which of the following costs is most likely to be directly traceable to a specific department in a retail clothing store? The cost of heating and air conditioning the department The cost of supplies The cost of commissions paid to the sales staff All of the above

Explain the rationale for the ceiling and floor in the lower-of-cost-or-market method of valuing inventories.

Provide answers to the following just-in-time costing questions.     Just-in-Time Costing Question Just-in-Time Costing Answer When are the costs of products recorded?   Which inventory accounts are used?   Which accounts are used to record manufacturing costs?

All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning Balance

Briefly explain Cost Behavior and its importance in retail industry.

Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined? A. Just-in-time B. Extended EOQ C. Materials requirements planning D. Economic order quantity