Based on the following figures, determine the shortage or overage percent. Opening inventory $292,000 Gross purchases 521,000 Return to Vendor 35,000 Transfers in 10,500 Transfers
Based on the following figures, determine the shortage or overage percent.
Opening inventory $292,000
Gross purchases 521,000
Return to Vendor 35,000
Transfers in 10,500
Transfers out 8,400
Customer returns 51,500
Gross sales 512,000
Markdowns 14,200
Markdown cancellations 1,200
Employee discounts 3,100
Estimated Physical Inventory 306, 116
a) 1.48% Shortage
b) 2.75% Overage
c) 4.32% Shortage
d) 3.25% Overage
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Authors: Mike E. Miles, Laurence M. Netherton, Adrienne Schmitz
5th Edition
0874203430, 978-0874203431
