3. An electronic buyer needs a retail phones for the holiday season. If a markup of 60% is desired and the merchandise in stock already totals $22,3000 at retail and $9,875 at cost, what markup percentage will the buyer need to attain on the remaining purchases in order to achieve the desired 60% markup for the assortment? Total needs Purchases Balance Retail Cost Markup %

3. An electronic buyer needs a retail phones for the holiday season. If a markup of 60% is desired and the merchandise in stock already totals $22,3000 at retail and $9,875 at cost, what markup percentage will the buyer need to attain on the remaining purchases in order to achieve the desired 60% markup for the assortment? Total needs Purchases Balance Retail Cost Markup %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

3. An electronic buyer needs a retail value of $55,000 in cell
phones for the holiday season. If a markup of 60% is desired and
the merchandise in stock already totals $22,3000 at retail and
$9,875 at cost, what markup percentage will the buyer need to
attain on the remaining purchases in order to achieve the desired
60% markup for the assortment?
Total needs Purchases Balance
Retail
Cost
Markup %

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