Question
A department has an initial markup of 64%. Planned sales for April are $10,000 and $12,000 for May. The desired stock-to-sales ratio for April is
A department has an initial markup of 64%. Planned sales for April are $10,000 and $12,000 for May. The desired stock-to-sales ratio for April is 7.0 and 6.5 for May. Planned markdowns for April are $3,000, and $4,000 for May. Calculate the planned April purchases at retail and at cost.
I already know the answers just need to know how to get there.
Answers= $21,000 at retail, $7560 at cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Harold M. Sollenberger, Arnold Schneider, Lane K. Anderson
9th Edition
0538842822, 978-0538842822
