During August, the First Month of the Fiscal Year, Sales

question 183

Essay

During August, the first month of the fiscal year, sales totaled $875,000 and the cost of merchandise available for sale totaled $850,000. Estimate the cost of the merchandise inventory as of August 31, based on an estimated gross profit rate of 45%.

Understand the concept of media richness and its impact on communication effectiveness.

Comprehend the significance of personal approach in sensitive communication situations.

Recognize the efficiency and appropriateness of using jargon in technical communication.

Identify the importance of social acceptance factors in choosing communication channels.

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Definitions:

Consumer Surplus

The difference as marked by what consumers are prepared to spend on a good or service versus the actual payment made.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Externalities

Costs or benefits that affect a party who did not choose to incur that cost or benefit.

Consumer Surplus

The difference in the total amount expected to be paid by consumers for a good or service and the actual payment made.