Prepare the report requested

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Reference no: EM132477110

Point 1: A retailer does not have to be a Check Me Out client for shoppers to use the app in their store. However, functionality is greatly enhanced when the retailer is a client. For example, a retailer that is Check Me Out enabled will have codes displayed on clothing tags that can be scanned and quickly "tried on" by customers. If a retailer is not Check Me Out enabled, a shopper will have to take a picture of the clothing item to enter the item in their virtual wardrobe. Costs of $150,000 were incurred to create the app. The breakdown of these costs, which are reported under intangible assets on CI's balance sheet, is as follows:

Market research $25,000

Design of prototype $35,000

Testing and refinement $40,000

Advertising $50,000

Point 2: The app will go on sale on 1 April 20x3. Based on market research conducted, and the positive word-of-mouth that has been generated through various social media marketing campaigns, it is expected that initial sales of this product will be strong. CI forecasts sales of approximately $100,000 during fiscal 20x3. Beyond that, it is difficult to speculate what will happen. CI suspects that the long-term success of the app is dependent on whether clothing retailers continue to adopt Check Me Out.

Required:

Question 1: Prepare the report requested.

Reference no: EM132477110

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