Matthew_McCoy_E9-20 - Markdowns 9,300 Markdown...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Matthew McCoy E9-20 Cost Retail Beginning Inventory 30,000 46,500 Purchases 48,000 88,000 Purchase Returns (2,000) (3,000) Freight on Purchases 2,400                       Totals 78,400 131,500 Add: Net markups           Markups 10,000           Markup cancellations (1,500) Net markups                   8,500    Totals 78,400 140,000 Deduct: Net markdowns
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Markdowns 9,300 Markdown cancellations (2,800) Net markdowns 6,500 Sales price of goods available 133,500 Deduct: Net sales 97,000 Ending inventory, at retail 36,500 Cost-to-retail ratio = 78,400/140,000 = 56% Ending inventory at cost = .56 x 36,500 = 20,440...
View Full Document

  • Spring '11
  • Sheik
  • Net markups, 56%, Matthew McCoy, Matthew McCoy E9­20, Markdowns                  Markdown cancellations

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern