Sales Forecast Modeling

question 10

Essay

Sales Forecast Modeling. The change in the quantity of product C demanded in any given week is inversely proportional to the change in sales of product D in the previous week. That is, if sales of D rose by X percent last week, sales of C can be expected to fall by X percent this week.
A. Write the equation for next week's sales of C, using the symbols C = sales of product C, D = sales of product D, and t = time. Assume there will be no shortages of either product.
B. Last week 750 units of C and 600 units of D were sold. Two weeks ago, 500 units of product D were sold. What would you predict the sales of C to be this week?

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Definitions:

FIFO Method

"First In, First Out," an inventory management and valuation method where goods produced or acquired first are sold or used first.

Ending Inventory

The value or quantity of goods available for sale at the end of an accounting period, calculated to determine the cost of goods sold.

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Protective devices placed in front of fireplaces to prevent sparks and embers from escaping into the room.

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory is determined based on the average cost of all similar items in inventory.