Question
For the six-month period ending in January, your department showed the following figures: Opening inventory (retail)$1,262,000 Customer returns$10,000 Returns to vendor$6,200 Employee discounts$3,800 Net sales$910,000
For the six-month period ending in January, your department showed the following figures:
Opening inventory (retail)$1,262,000
Customer returns$10,000
Returns to vendor$6,200
Employee discounts$3,800
Net sales$910,000
Retail purchases$870,000
Markdowns60%
Transfers in$5,100
Transfers out$4,000
Physical inventory$638,000
Yearly net sales$1,654,000
Determine the overage or shortage in percentage.
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Principles of Managerial Finance
Authors: Lawrence J. Gitman, Chad J. Zutter, Wajeeh Elali, Amer Al Roubaix
Arab World Edition
1408271583, 978-1408271582
