Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A buyer had an inventory of $93,000 on August 1 and a planned EOM stock of $120,000. Planned sales for the department were $65,000, and

A buyer had an inventory of $93,000 on August 1 and a planned EOM stock of $120,000. Planned sales for the department were $65,000, and planned markdowns for the month were $5,690. As of August 1, the buyer had merchandise on order of $32,000 at retail to be delivered during the month. Planned initial markup was 48.5%. Calculate the buyers OTB at cost as of August 1.

a. $33,830.35

b. $65,690.00

c. $11,690.00

d. $19,925

e. $38,690.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Inventory Best Practices

Authors: Steven M. Bragg

2nd Edition

1118000749, 9781118000748

More Books

Students also viewed these Accounting questions