Fashion Barn's total cost valuation of inventory is 120,000 and its total retail valuation is 300,000 . The adjusted retail book inventory figure has been determined to be 250,000 . Using the retail method of inventory valuation, what would be Fashion Barn's approximate closing inventory figure at cost?
a. 50,000
b. 70,000
c. 100,000
d. 130,000
e. 180,000
Question 2Promotional advertising attempts to bolster short-term performance by using product availability and price as a selling point.
Indicate whether the statement is true or false
Question 3_____ refers to the number of times per year, on average, that a retailer sells its inventory.
a. Periodic inventory
b. Carrying cost of inventory
c. Inventory reserve
d. Perpetual inventory
e. Inventory turnover
Question 4Intratype competition is the most common type of retail competition.
Indicate whether the statement is true or false
Question 5Mass customization and choice assistance are two approaches to what?
a. communication
b. personalization
c. digitization
d. interaction
Question 6An excess of physical inventory over book inventory is usually caused by:
a. customer shoplifting.
b. markdowns.
c. bookkeeping errors.
d. too high of markups.
e. employee discounts.
Question 7Creating a positive store image is a long term promotional objective for retailers using institutional advertising.
Indicate whether the statement is true or false
Question 8Which of the following is NOT an operating expense?
a. Rent
b. Cost of goods sold
c. Depreciation
d. Utilities
e. Wages
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