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Use a Modern Software Tool to Perform Statistical Calculations -Calculate the Daily Sales During the Discount Sales Period

question 21

Multiple Choice

Use a modern software tool to perform statistical calculations.
Use the table below to answer the following question(s) .
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $\begin{array}{|l|l|}\hline\text { Marked Down Pricing Model for } \\\text { Fiberia Accessories's new sweater} \\\hline & \\\hline \text { Data } & \\\hline \text { Retail Price } & \\\hline \text { Inventory } & \$ 65 \\\hline \text { Selling Season (days) } & 1500 \\\hline \text { Days at Full Retail } & 60 \\\hline \text { Intermediate Markdown } & 45 \\\hline \text { Clearance Markdown } & 25 \text { percent } \\\hline \text { Demand Function } & 65 \text { percent } \\\hline \text { A } & \\\hline \text { B } & 79.5 \\\hline\end{array}$
-Calculate the daily sales during the discount sales period.

Definitions:

Standard Cost Variances

The differences between the actual costs incurred and the standard costs, analyzed to assess performance in various areas such as materials, labor, and overhead.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the good.

Direct Labor Costs

Expenses associated with the wages and benefits of employees who directly work on the production of goods.

Cash Account

An account that tracks the amount of cash available to a business or individual.