Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill in the yellow boxs using open-to-buy formula begin{tabular}{|c|c|c|c|c|c|c|c|} hline 6 Month OTB Plan & June & July & A uggust & September & October

Fill in the yellow boxs using "open-to-buy" formula
image text in transcribed
\begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6 Month OTB Plan & June & July & A uggust & September & October & November & 7 \\ \hline Beginning of the Month Inventery & $155,000 & $150,000 & & $157,000 & $157,000 & & \\ \hline Sales & $47,000 & $48,000 & 550,000 & $50,000 & $52,000 & $48,000 & \\ \hline Markdowns & $1,000 & & $750 & $1,000 & $1,500 & $1,000 & \\ \hline Open - to - buy (at retail) & $43,000 & $50,750 & $55,750 & & $61,500 & $37,000 & \\ \hline Open - to - buy (at cost) & & & & & & & if the initial markup is 40% \\ \hline End of Month Inventory & $150,000 & $152,000 & $157,000 & $157,000 & & $153,000 & \\ \hline & & & & & & & \\ \hline The Open-To-Buy Formula & & & & & & & \\ \hline Planned Sales & & & & & & & \\ \hline + Planned Markdowns & +1 & & & & & & \\ \hline + Planned End of Month Inventory & & & & & & & \\ \hline - Planned Beginning of Month lnventory & & & & & & & \\ \hline Open-to-Buy (at retail) & & & & & & & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions