Question
In: Accounting
Question 5 – Short answer Your friend has just started a retail clothing store in Kamloops....
Question 5 – Short answer
Your friend has just started a retail clothing store in Kamloops.
She will be purchasing inventory to make her own clothing (one
style) and she will also be buying ready to sell items. She has
come to you to help her set up an internal financial reporting
system.
What Managerial accounting techniques would you suggest to your
friend to better control her costs and why?
Required:
Respond to your friend’s question. Reflect on all the things we
covered in this course. A strong answer will:
1. Identify what managerial accounting document /
procedure / technique / policy you would use in the business,
and
2. How this document / procedure / technique / policy
will help manage your business
3. I’m looking for 5 strong points
(Hint: I’m not looking for paragraph answers. A couple sentences
for each document / procedure / technique / policy you would use in
the business is more than enough. Be concise with your answers. I’m
looking for you to answer “what” you would use and “why” or “how”
it would help monitor your small business.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Your friend has just started a retail clothing store in Kamloops. She will be purchasing inventory...
Your friend has just started a retail clothing store in
Kamloops. She will be purchasing inventory to make her own clothing
(one style) and she will also be buying ready to sell items. She
has come to you to help her set up an internal financial reporting
system.
What Managerial accounting techniques would you suggest to your
friend to better control her costs and why?
Required:
Respond to your friend’s question. Reflect on all the things we
covered in this...
Question 2) Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store...
Question 2) Internal Controls
Ramona's Clothing is a retail store specializing in women's
clothing. The store has established a liberal return policy for the
holiday season in order to encourage gift purchases. Any item
purchased during November and December may be returned through
January 31, with a receipt, for cash or exchange. If the customer
does not have a receipt, cash will still be refunded for any item
under $75. If the item is more than $75, a check is...
Your friend owns a retail store where she plans to give arriving customers a short verbal...
Your friend owns a retail store where she plans to give arriving
customers a short verbal ”commercial” message regarding products
for sale. Your friend asks you to determine if this will boost the
average dollar value of sales to each customer, µ, which is
currently $5.00. You may assume that the standard deviation per
transaction is $1.00 and that the population is of unlimited size.
You monitor a random sample of n = 200 customers given the short
verbal ”commercial”...
You have just been hired as the marketing manager at a small retail clothing store. In...
You have just been hired as the marketing manager at a small
retail clothing store. In the past, the store has done all the
inventory purchasing, marketing and sales promotions based on
intuition. Of course, as a marketing professional, you know that
this is not the best strategy. You must convince your new boss to
use a more empirical approach based on marketing metrics. Write a
few organized paragraphs explaining to your boss what marketing
metrics should be used and...
Part 1. Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store...
Part 1.
Internal Controls
Ramona's Clothing is a retail store specializing in women's
clothing. The store has established a liberal return policy for the
holiday season in order to encourage gift purchases. Any item
purchased during November and December may be returned through
January 31, with a receipt, for cash or exchange. If the customer
does not have a receipt, cash will still be refunded for any item
under $75. If the item is more than $75, a check is...
2. Your friend has just started a ketogenic diet and eats mostly fats. You eat a...
2. Your friend has just started a ketogenic diet and eats mostly
fats. You eat a fairly normal diet that consists of about 50%
carbohydrates. Using your knowledge of the Krebs cycle, explain the
difference between how you and your friend are producing energy.
(Hint: Be sure to mention ketone bodies.)
Ketogenic diets limit the amount of carbohydrates you consume.
Based on what you’ve learned in this course, how might a diet like
this theoretically affect blood glucose levels?
Grand, Inc. is a retail clothing store that uses the "Retail" method to value inventory. The...
Grand, Inc. is a retail clothing store that uses the "Retail"
method to value inventory. The following information is presented
below regarding the current operations of the company:
Cost
Retail
Initial Inventory
27,000
45,000
Purchase
58,000
116,000
Sales
125,000
Determine the ending inventory valuation for the current period
using the "Retail Method":
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...
Retail Inventory Method
Harmes Company is a clothing store that uses the retail
inventory method. The following information relates to its
operations during 2016:
Cost
Retail
Inventory, January 1
$28,800
$41,500
Purchases
66,300
104,100
Markups (net)
—
1,700
Markdowns (net)
—
700
Sales
—
82,300
Required:
1. Compute the ending inventory by the retail inventory method
for the following cost flow assumption: FIFO. Round the
cost-to-retail ratio to three decimal places. If necessary, round
dollar amounts to the nearest whole...
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...
Retail Inventory Method
Harmes Company is a clothing store that uses the retail
inventory method. The following information relates to its
operations during 2016:
Cost
Retail
Inventory, January 1
$29,000
$40,200
Purchases
67,500
100,100
Markups (net)
—
2,200
Markdowns (net)
—
700
Sales
—
88,400
Required:
1. Compute the ending inventory by the retail inventory method
for the following cost flow assumption: FIFO. Round the
cost-to-retail ratio to three decimal places. If necessary, round
dollar amounts to the nearest whole...
In a particular retail clothing store, approximately 30% of potential customers who walk into the store...
In a particular retail clothing store, approximately 30% of
potential customers who walk into the store make a purchase.
In a random sample of 25 customers that walked into the store,
a. what is the probability that exactly 10 of
the customers make purchases?
Round to 3 significant digits.
b. what is the probability that at least 2 of
the customers make purchases?
Round to 3 significant digits.
c. how many of the customers are expected to
make purchases?
Round...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- In a two – story building, an exterior column is to be designed for a service...
- Explain the use of neural networking modeling in predictive analytics. Discuss a real-life example of where...
- Boarder line and antisocial disorder are perhaps the most research personality disorder.What are the most common...
- Read at least 2 academically reviewed articles and Write an annotated bibliography paper on Master Budgeting
- Why normalization and referential integrity are important principles when designing relational databases?
- Respond to the following in a minimum of 175 words: Discuss what elements should be present...
- 1) The 3rd bright fringe of a double slit interference pattern is 30.0 cm above the...
ADVERTISEMENT