Question
Any help with any of these would be great thanks The local department store recently had a large sale event. The store is attempting to
Any help with any of these would be great thanks
The local department store recently had a large sale event. The store is attempting to figure out the cumulative markdown %. The store took total markdowns of $567,899 and had sales of $3,456,788.
What is the cumulative markdown %?
3. You are the buyer for a large retail chain. You need to calculate your gross margin. You have the following information available:
Purchases at retail $546,843
Purchases at cost 324,756
Markdowns 151,324
Employee discounts 33,456
Freight 4,521
Shortage 1,346
Cash discounts 5,678
Sales 359,818
Alterations 342
Senior citizen discount 899
What is the total gross margin?
4. Repeat exercise three; however, calculate the gross margin using percentages.
5. A bar is calculating its GM%. You have the following information available, stated in percent to sales:
Markdown % 6.7%
Cash Discounts 1.7%
Shortage 2.6%
Freight 1.4%
Clergy discount 0.0%
Employee Discount 3.5%
Cumulative Markup % 45.7%
Initial Markup Plan % 46.9%
Advertising Expense % 5.7%
What is the gross margin %?
6. What is the cumulative markdown % for the bar?
Suppose that after you have finished your calculation the manager says, Oh, I forgot to give you the percentage for free birthday beers. It was .8% of sales. Would your GM calculation change and, if so, what would the new GM% be?
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