HUEC 3043 Final Exam

HUEC 3043 Final Exam - HUEC 3043 Final Exam Spring 2011...

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HUEC 3043 Final Exam Spring 2011 Directions: Please complete the following exam in Microsoft word and upload as a .doc file to Moodle by NOON on SATURDAY, MAY 14, 2011. No late finals will be accepted and will automatically result in a grade of ZERO! Please type out the formulas you would use as well as your final answer. 1. The net sales of department X were \$46,780. The customer returns were \$2,342. What are gross sales? Net sales + customer returns= gross sales 46,780 + 2,342= \$ 49,122 2. A specialty dress shop made purchases amounting to \$3,700 at cost, with 8% cash discounts earned, workroom costs of \$100, and no transportation charges. Determine the total cost of the merchandise. Cost of goods sold= inventory + transactions+ workroom- cash discounts 3,700+100= 3800 3700 x 8%= 296 (cash discounts) 3800-296= \$3,504 3. A drugstore has net sales of \$490,000, with the cost of merchandise sold at \$240,000. If the buyer must achieve a 5% net profit, calculate the allowable expenses in dollars and as a percentage. 490,000-240,000= 250,000 490000 x 5% = 24,500 250,000-24,500= 225,500 225500/ 490000= 46.02% 4. Set up a skeletal statement that shows the following figures as dollars and as a percentage: Net Profit: \$5,500 Net Profit: 2.5% Operating Expenses: 47.5% Dollars Percent Net sales 220,000 100% - COGS 110,000 50% = GM 110000 50% -OPP. Expense 104500 47.5%

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=NET PROFIT \$5,500 2.5% 5,500/ 2.5=220,000 220000* 47.5= 104,500 104,500+5,500=110,000 220,000-110,000= 110,000 5. If a department experiences a loss of 3% during a six-month period and its gross margin is 43%, what must its expense percentage be?
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