Question
Complete the following problem; Use the format on page 2. Calculate (a) shortage percentage, (b) gross cost of merchandise sold, (c) maintained markup percent, (d)
Complete the following problem; Use the format on page 2.
-
Calculate (a) shortage percentage, (b) gross cost of merchandise sold, (c) maintained markup percent, (d) gross margin percent and (e) GMROI given the following figures:
|
| % | Cost ($) | Retail ($) |
| Opening Inventory |
| 130,410 | 201,543 |
| Gross Purchases |
| 418,390 | 884,916 |
| Returns to Vendors |
| 1,726 | 3,514 |
| Cash Discounts |
| 2,040 |
|
| Alteration Costs |
| 1,620 |
|
| Freight |
| 1,690 |
|
| Gross Sales |
|
| 860,430 |
| Customer Returns |
|
| 60,340 |
| Markdowns |
|
| 120,630 |
| Markdown Cancellations |
|
| 3,048 |
| Additional Markup |
|
| 360 |
| Employee Discounts |
|
| 1,010 |
| Estimated Shortage | 0.78 |
|
|
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Accounting A Smart Approach
Authors: Mary Carey, Cathy Knowles
4th Edition
0198844808, 9780198844808
