Description: Quick Pick is a bargain hunter’s delight with two locations in metro Ottawa. Quick Pick stocks items returned to online retailers like Amazon, creating value by providing a convenient way to deal with this inventory. New stock arrives every Friday, with all items starting at $25.99. Prices decline daily throughout the week, and, by Wednesday, everything is down to $2.99, before dropping as low as $0.99 on Thursday. Anything left after that is donated or thrown out, to get ready for Friday when it starts all over again.
Date: April 7, 2022
1) Do you have a favourite place in your university town where you can hunt for bargains? What’s the best bargain you’ve picked up?
2) The article mentions that online shopping increased by a factor of 4 during the pandemic. How does this number stack up with your own experience and that of your classmates?
3) On page 6-20 in Wiley’s Financial Accounting: Tools for Business Decision-Making we learn about the presentation of inventory on the balance sheet, including the concept of lower of cost and net realizable value. How might this principle be applied to an operation like Quick Pick?