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Find gross margin dollars and percent, given the following data: Opening inventory at retail $ 35,400 Cumulative markup on opening inventory 46% Purchases at retail
Find gross margin dollars and percent, given the following data:
Opening inventory at retail $ 35,400
Cumulative markup on opening inventory 46%
Purchases at retail $125,008
Initial markup on purchases 47%
Net sales $110,300
Reductions 7.5%
Cash discounts 3.0%
Alterations and workroom charges 900
These are the answers: I just don't know how to get there.
Closing book inventory at retail $41,836
Cumulative markup on inventory 46.8%
Closing book inventory at cost $22,256
Cost of Goods sold $62,027
Gross Margin $ 48,273, 43.7%
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