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I have questions on these problems while working on my homework Set up a complete skeletal statement with both dollars and percents for #s 1-7
I have questions on these problems while working on my homework
Set up a complete skeletal statement with both dollars and percents for #s 1-7 below. (Round dollars to nearest dollar; show percents correct to two decimal places) 1. Net sales $178,600 Cost of merchandise sold $ 87,932 Expenses 46% 2. Net sales Gross margin Profit 3. Gross sales Customer returns & allowances $897,640 $436,253 $ 40,394 $583,260 $ 32,662 Gross margin 51.8% Expenses $277,049 4. Net sales $1,230,600 Cost of merchandise sold $609,147 Expenses $553,770 5. Cost of merchandise sold $214,261 Profit $ 19,597 Profit 4.5% 6. Gross margin $89,640 Gross margin 46.4% Loss (1.6%) 7. Gross sales $398,320 Customer returns & allowances 8.6% Gross margin $183,124 Profit 6.8% 8. Customer returns and allowances in the shoe department were 14.2%. If net sales were $58,426, calculate the dollar amount of customer returns and allowances. 9. The dress department had gross sales of $43,800 in August; customer returns and allowances totaled $6,132. The department's goal was for customer returns and allowances not to exceed 12%. Were actual customer returns and allowances under or over plan and by what dollar amount? 10. The hosiery department has one part-time and four full-time sales associates. Calculate the return percentage for each sales associate and for the department as a whole (see next page). Sales Associate Gross Customer Sales Returns AJ $1,698 $182 SC $1,526 $136 EM $1,508 $154 ML $1,163 $98 BS $742 $51
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