2.Determine the overage/shortage for a mens store when the following occurred:

A sweater markdown from $45 to $35.99 is entered as 100 units instead of 500.

A $12 sale of underwear is incorrectly transacted as $120.

240

The return of a $65.99 jacket by a customer is transacted as a credit of $75.99.

A hundred wallets received on the books at $40 per unit are incorrectly ticketed as $44 per unit.

A $60 shirt is stolen.

A markup is taken on 300 pairs of trousers from $80 to $85; the price tickets are never changed.

A salesperson guessed at a selling price of a $285 unticketed sport coat and transacted the sale at $265.

3.What is the stores overage/shortage percent in problem 2 above when the stores annual sales are $515,786?

4.In the LIFO/FIFO example given in the LIFO and FIFO section here, assume all of the shirts were sold at $50. What is the effect on cost of goods sold? Gross margin?