Question
A retailers inventory shows the following figures: Opening Physical Inventory.. $195,000 Purchases.. $254,000 Net Sales.. $325,000 Customer Returns.. $41,000 Returns to Vendor.. $15,000 Markdowns.. $63,000
A retailers inventory shows the following figures:
Opening Physical Inventory.. $195,000
Purchases.. $254,000
Net Sales.. $325,000
Customer Returns.. $41,000
Returns to Vendor.. $15,000
Markdowns.. $63,000
Markdown Cancellations.. $8,000
Employee Discounts.. $4,000
Additional Markups.. $5,000
Closing Physical Inventory.. $99,500
What was the shortage/overage dollars and percentage (round your final % answer to two decimal places)?
| A. | $3,000 Shortage; 0.92% Shortage | |
| B. | $3,500 Shortage; 1.08% Shortage | |
| C. | $3,000 Overage; 0.92% Overage | |
| D. | $3,500 Overage; 1.08% Overage |
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
The Life Audit Take Control Of Your Life Now Every Minutes Counts
Authors: Caroline Righton
1st Edition
978-0340836781
