1. Net sales for the hosiery department in May wee $30,620. Book inventory at the end of the month showed that $97,831 should be on hand. Physical inventory showed $97,560. Determine shortage or overage percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).
1. Net sales for the hosiery department in May wee $30,620. Book inventory at the end of the month showed that $97,831 should be on hand. Physical inventory showed $97,560. Determine shortage or overage percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).
2.
Using the data below, determine the closing book inventory. Not all information given may be needed. Present your answer with a dollar sign, comma separator, rounded to the dollar. (i.e. $19,567)
| Opening inventory | $89,760 |
| Gross purchases | $43,620 |
| RTV | $860 |
| Cash discounts | $320 |
| Markdowns | $5,246 |
| Markdown cancellations | $318 |
| Employee discounts | $784 |
| Gross sales | $49,318 |
| Customer returns | $2,945 |
| Net markups | $760 |
3. Calculate the shortage or overage percent, given the following information. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).
NOTE. There is another question in this quiz using the same data.
| Opening inventory | $64,280 |
| RTV | $960 |
| Gross purchases | $123,645 |
| Customer returns | $9,780 |
| Gross sales | $105,420 |
| Transfers in | $12,219 |
| Transfers out | $9,769 |
| Markdowns | $15,290 |
| Markdown cancellations | $940 |
| Employee discounts | $670 |
| Closing physical inventory | $77,700 |
4. Given the following information, calculate the estimated physical inventory if shortage is estimated to have been 0.88%. Present your answer with a dollar sign, comma separator, rounded to the dollar.
| Net Sales | $380,670 |
| Closing Book Inventory | $64,388 |
5.
Calculate the shortage percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).
NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.
| Cost ($) | Retail ($) | |
| Opening inventory | 130,410 | 201,543 |
| Gross purchases | 418,390 | 884,916 |
| Returns to vendors | 1,726 | 3,514 |
| Cash discounts | 2,040 | |
| Alteration costs | 1,620 | |
| Freight | 1,690 | |
| Gross Sales | 806,430 | |
| Customer returns | 60,340 | |
| Markdowns | 120,630 | |
| Markdown cancellations | 3,048 | |
| Additional markup | 360 | |
| Employee discounts | 1,010 | |
| Closing physical inventory | 212,803 | |
6. Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642).
NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach.
NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator.
NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.
| Cost ($) | Retail ($) | |
| Opening inventory | 130,410 | 201,543 |
| Gross purchases | 418,390 | 884,916 |
| Returns to vendors | 1,726 | 3,514 |
| Cash discounts | 2,040 | |
| Alteration costs | 1,620 | |
| Freight | 1,690 | |
| Gross Sales | 806,430 | |
| Customer returns | 60,340 | |
| Markdowns | 120,630 | |
| Markdown cancellations | 3,048 | |
| Additional markup | 360 | |
| Employee discounts | 1,010 | |
| Closing physical inventory | 212,803 | |
7. Calculate the maintained markup percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). (HINT: Page 196)
NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.
| Cost ($) | Retail ($) | |
| Opening inventory | 130,410 | 201,543 |
| Gross purchases | 418,390 | 884,916 |
| Returns to vendors | 1,726 | 3,514 |
| Cash discounts | 2,040 | |
| Alteration costs | 1,620 | |
| Freight | 1,690 | |
| Gross Sales | 806,430 | |
| Customer returns | 60,340 | |
| Markdowns | 120,630 | |
| Markdown cancellations | 3,048 | |
| Additional markup | 360 | |
| Employee discounts | 1,010 | |
| Closing physical inventory | 212,803 | |
8. Calculate the gross margin percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).
NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.
| Cost ($) | Retail ($) | |
| Opening inventory | 130,410 | 201,543 |
| Gross purchases | 418,390 | 884,916 |
| Returns to vendors | 1,726 | 3,514 |
| Cash discounts | 2,040 | |
| Alteration costs | 1,620 | |
| Freight | 1,690 | |
| Gross Sales | 806,430 | |
| Customer returns | 60,340 | |
| Markdowns | 120,630 | |
| Markdown cancellations | 3,048 | |
| Additional markup | 360 | |
| Employee discounts | 1,010 | |
| Closing physical inventory | 212,803 | |
9.
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