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- Assume you are considering opening a retail business. You are trying to decide whether to have a traditional brick-and-mortar store or to sell only online. Explain how the activities and costs differ between these two retail arrangements.Explain some of the differences that make merchandising businesses and service businesses different from each other. The text below may help you. Use evidence from the text below to support your response. Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of sales and may have to charge sales tax depending on city,…What is cost of goods sold, how to calculate cost of goods sold for manufacturing, merchandising and service business. Why the good sold is important to earn good profit?
- What challenges does Blu Dot face in selling consumer products (as opposed to business products)?Merchandising businesses differ from service businesses. Explain some of the differences that make the businesses different from each other. Use evidence from the text below to support your response. For example, -In the text, it says," ___________________." Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of…Describing and identifying information relevant to business decisions You are trying to decide whether to trade in your inkjet printer for a more recent model. Your usage pattern will remain unchanged, but the old and new printers use different ink cartridges. Indicate if the following items are relevant or irrelevant to your decision: a. The price of the new printer b. The price paid for the old printer c. The trade-in value of the old printer d. Paper cost e. The difference between ink cartridges’ costs
- Which of the following items would not be considered a manufacturing cost? a. Cream for an ice cream maker. b. Sales commissions for a car manufacturer. c. Plant property taxes for an ice cream maker. d. Tires for an automobile manufacturer.Which of the following is the primary source of revenue for a merchandising business? A. the production of products from raw materials B. the purchase and resale of finished products C. the provision of intangible goods and services D. the sale of raw materials to manufacturing firmsDescribing and identifying information relevant to business decisions You are trying to decide whether to trade in your inkjet printer for a more recent model. Your usage pattern will remain unchanged, but the old and new printers use different ink cartridges. Indicate if the following items are relevant or irrelevant to your decision: The price of the new printer The price paid for the old printer The trade-in value of the old printer Paper cost The difference between ink cartridges’ costs
- Saurez Company, your client, manufactures paint. The company’s president, Maria Saurez, has decided to open a retail store to sell Saurez paint as well as wallpaper and other supplies that would be purchased from other suppliers. She has asked you for information about the conventional retail method of pricing inventories at the retail store. Instructions Prepare a report to the president explaining the retail method of pricing inventories. Your report should include the following points. a. Description and accounting features of the method. b. The conditions that may distort the results under the method. c. A comparison of the advantages of using the retail method with those of using cost methods of inventory pricing. d. The accounting theory underlying the treatment of net markdowns and net markups under the method.Computing cost of goods sold, merchandising company Use the following information for The Windshield Helper, a retail merchandiser of auto windshields, to compute the cost of goods sold:a) Calculate net advantage of buying the part from the external supplier. b) Should the offer be accepted or should Elric continue to produce the product in house?
