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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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