Reflection Assignment - Thinking it Through You are to research a consumer product in Canada and...

 

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Reflection Assignment - Thinking it Through You are to research a consumer product in Canada and approximate the retail price based on at least 3 retail locations. The product must be the same in each of those locations. You will then average the 3 prices to arrive at an average price. You are to research a similar consumer product manufactured in another country and assume the average retail price (use a similar process as above) is marked-up by 100%. You need to calculate the per unit Cost of Goods Sold. Recall that markup = (price-cost)/cost. If price - USD $25 and you need to determine cost and you know markup is equal to 1, then, rearranging: Markup (price-cost)/cost Markup x cost-price-cost Markup x cost + cost-price Cost x (markup+1)-price Cost-price/(markup + 1) Plug in $25 for price: Cost-$25/(2)-$12.50 This means that (price - COGS)/price-50% gross margin. 1. You will then need to estimate, using realistic assumptions, how many units of this good could realistically fit in a shipping container filled to 80% capacity that is 20ft x 8 ft x 8ft (length x width x height) and multiply # of units by COGS/unit for value of inventory. Show your work and explain your reasoning. 2. Estimate how much it will cost to transport the goods from the manufacturer (you will need a specific location) to the shipping port (another specific location). 3. Estimate how much it will cost to ship overseas to Canada's port (a specific port) (we will ignore cargo insurance for this assignment as well as loading fees). 4. Estimate how much customs will charge for duties (Use HS Code). 5. Estimate how much it will cost to transport the goods to a large distributor or warehouse in Canada (you will need a specific location) (we will ignore unloading fees). 6. Lastly, you will need to estimate the size (quantity) of a retail order and how much this will cost to ship to the final retail destination. 7. Calculate the per unit cost and compare this to the price in the Canadian market of a similar product. Precision is not the goal here. The goal is to think through the steps and estimate the costs using reasonable figures (labour rate x hours or depreciation rate - try to think of all costs incurred to complete the activity or task - i.e. transportation has labour, truck, materials like gas, etc.). Again, we are approximating using reasonable estimates. Precision is not the goal here. The goal is to think through the steps and estimate the costs using reasonable figures (labour rate x hours or depreciation rate-try to think of all costs incurred to complete the activity or task-i.e. transportation has labour, truck, materials like gas, etc.). Again, we are approximating using reasonable estimates. Remember that when shipping up until the distributor or the warehouse, all costs will be distributed on a per unit basis equally and added to COGS/(total shipping container units). When the shipping crate is divided into smaller retail orders, you will need to spread the shipping cost across fewer items and add this to the COGS/(total package units) as well. If you find it easier, you can submit an excel document or use a table in a word document to keep the information organized. Formatting The report should be no more than 3 pages long, double spaced, size 12 font, times new roman or arial (750 words). If you use an excel, add it to the appendix. It should include a title page with the Program, Course Code, Your Name, and Your Student I.d. #. Grading Rubric /5-Finding 3 prices of a specific product in Canada and calculating the average price and COGS or inventory cost per unit 15- Finding 3 prices of a similar product in another country and calculating the average price and COGS or inventory cost per unit. Convert to Canadian Dollars (CAD). /5- Estimate for shipping container quantity and value of inventory shipped (Q x cost per unit) /5- Estimate of transportation of container to international port 15-Estimate of occan freight from foreign country to Canadian Port /5- Estimate of duties charged in Canadian market 15- Estimate of transportation of container from Canadian port to destination warehouse 15- Calculate the per unit cost at this point. 15- Estimate the size of an order to final customer (we'll assume they've been pre-packaged to standard sizes) and the cost of shipping to the final destination 15-Estimate the per unit cost and compare this with the average Canadian retail price. /50 750 words +/- 50 words = no deduction 750 words +/- 51-100 words = 10% deduction 750 words +/- 101-150 words = 20% deduction 750 words +/- 151 words will receive a zero Guidance and Referencing Your estimates should be based on information you have found from government agencies, statistical agencies, newspapers, magazines, journals, websites, etc. Be sure to use APA@Conestoga when citing and referencing your work. Remember, you are making a case and the evidence that you present must come from credible sources. Reflection Assignment - Thinking it Through You are to research a consumer product in Canada and approximate the retail price based on at least 3 retail locations. The product must be the same in each of those locations. You will then average the 3 prices to arrive at an average price. You are to research a similar consumer product manufactured in another country and assume the average retail price (use a similar process as above) is marked-up by 100%. You need to calculate the per unit Cost of Goods Sold. Recall that markup = (price-cost)/cost. If price - USD $25 and you need to determine cost and you know markup is equal to 1, then, rearranging: Markup (price-cost)/cost Markup x cost-price-cost Markup x cost + cost-price Cost x (markup+1)-price Cost-price/(markup + 1) Plug in $25 for price: Cost-$25/(2)-$12.50 This means that (price - COGS)/price-50% gross margin. 1. You will then need to estimate, using realistic assumptions, how many units of this good could realistically fit in a shipping container filled to 80% capacity that is 20ft x 8 ft x 8ft (length x width x height) and multiply # of units by COGS/unit for value of inventory. Show your work and explain your reasoning. 2. Estimate how much it will cost to transport the goods from the manufacturer (you will need a specific location) to the shipping port (another specific location). 3. Estimate how much it will cost to ship overseas to Canada's port (a specific port) (we will ignore cargo insurance for this assignment as well as loading fees). 4. Estimate how much customs will charge for duties (Use HS Code). 5. Estimate how much it will cost to transport the goods to a large distributor or warehouse in Canada (you will need a specific location) (we will ignore unloading fees). 6. Lastly, you will need to estimate the size (quantity) of a retail order and how much this will cost to ship to the final retail destination. 7. Calculate the per unit cost and compare this to the price in the Canadian market of a similar product. Precision is not the goal here. The goal is to think through the steps and estimate the costs using reasonable figures (labour rate x hours or depreciation rate - try to think of all costs incurred to complete the activity or task - i.e. transportation has labour, truck, materials like gas, etc.). Again, we are approximating using reasonable estimates. Precision is not the goal here. The goal is to think through the steps and estimate the costs using reasonable figures (labour rate x hours or depreciation rate-try to think of all costs incurred to complete the activity or task-i.e. transportation has labour, truck, materials like gas, etc.). Again, we are approximating using reasonable estimates. Remember that when shipping up until the distributor or the warehouse, all costs will be distributed on a per unit basis equally and added to COGS/(total shipping container units). When the shipping crate is divided into smaller retail orders, you will need to spread the shipping cost across fewer items and add this to the COGS/(total package units) as well. If you find it easier, you can submit an excel document or use a table in a word document to keep the information organized. Formatting The report should be no more than 3 pages long, double spaced, size 12 font, times new roman or arial (750 words). If you use an excel, add it to the appendix. It should include a title page with the Program, Course Code, Your Name, and Your Student I.d. #. Grading Rubric /5-Finding 3 prices of a specific product in Canada and calculating the average price and COGS or inventory cost per unit 15- Finding 3 prices of a similar product in another country and calculating the average price and COGS or inventory cost per unit. Convert to Canadian Dollars (CAD). /5- Estimate for shipping container quantity and value of inventory shipped (Q x cost per unit) /5- Estimate of transportation of container to international port 15-Estimate of occan freight from foreign country to Canadian Port /5- Estimate of duties charged in Canadian market 15- Estimate of transportation of container from Canadian port to destination warehouse 15- Calculate the per unit cost at this point. 15- Estimate the size of an order to final customer (we'll assume they've been pre-packaged to standard sizes) and the cost of shipping to the final destination 15-Estimate the per unit cost and compare this with the average Canadian retail price. /50 750 words +/- 50 words = no deduction 750 words +/- 51-100 words = 10% deduction 750 words +/- 101-150 words = 20% deduction 750 words +/- 151 words will receive a zero Guidance and Referencing Your estimates should be based on information you have found from government agencies, statistical agencies, newspapers, magazines, journals, websites, etc. Be sure to use APA@Conestoga when citing and referencing your work. Remember, you are making a case and the evidence that you present must come from credible sources.

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1 Finding 3 prices of a specific product in Canada and calculating the average price and COGS or inventory cost per unit The first step in finding the average price of a specific product in Canada is ... View the full answer