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During the fall season, a retailer determined that the total amount of merchandise required next season to meet planned sales was $360,000, at retail, with
During the fall season, a retailer determined that the total amount of merchandise required next season to meet planned sales was $360,000, at retail, with an initial markup goal of 52%. At the beginning of the next season, the merchandise on hand (opening inventory) came to $80,000 at retail, with a cumulative markup of 49% on these goods. For the coming season, what markup percentage does the buyer need to achieve on any new purchases?
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