Retail Merchandising Math Problems 1)Using the following figures, determine clos
ID: 3012448 • Letter: R
Question
Retail Merchandising Math Problems
1)Using the following figures, determine closing book inventory. (Not all information given may be needed.)
Opening inventory $62,980
Gross purchases 43,620
RTV 860
Cash discounts 680
Markdowns 5,246
Markdown cancellations 318
Employee discounts 784
Gross sales 49,318
Customer returns 1,918
2) Find the GMROI given net sales of $420,000, gross margin of 39%, and average inventory at cost of $98,000.
3)Calculate GMROI for a six-month season from the following data:
Gross margin $395,842
Inventory at Cost:
BOM stock August 86,400
BOM stock September 91,200
BOM stock October 94,000
BOM stock November 105,000
BOM stock December 103,000
BOM stock January 83,000
EOM stock January 79,000
4) Calculate closing book inventory.
Opening inventory $357,219
Gross purchases 152,756
RTV 2,176
Net transfers in 3,920
Additional markup 170
Net sales 139,970
Markdowns 9,835
Markdown cancellations 810
Employee discounts 3,840
Explanation / Answer
1. note : only one question allowed per submission
Opening inventory $62,980
Gross purchases 43,620
RTV 860
Cash discounts 680
Markdowns 5,246
Markdown cancellations 318
Employee discounts 784
Gross sales 49,318
Customer returns 1,918
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adding all inventories to determine the closing entry: 165724 $
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