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A buyer had an inventory at the beginning of the month of $120,000 and a planned EOM stock of $135,000. On the first of the month the buyer had merchandise on order of $55,000 to be delivered during the month. markdowns for the month were $7,000 and planned sales were $85,000. The planned initial markup was 51%. Find the buyers OTB for the month at cost. Plannec

A buyer had an inventory at the beginning of the month of $120,000 and a planned EOM stock of $135,000. On the first of the month the buyer had merchandise on order of $55,000 to be delivered during the month. markdowns for the month were $7,000 and planned sales were $85,000. The planned initial markup was 51%. Find the buyers OTB for the month at cost. Plannec

FINANCIAL ACCOUNTING
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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A buyer had an inventory at the beginning of the month of $120,000 and a planned EOM stock of $135,000. On the first of the month the buyer had merchandise on order of $55,000 to be delivered during the month. Planned markdowns for the month were $7,000 and planned sales were $85,000. The planned initial markup was 51%. Find the buyers OTB for the month at cost.
Transcribed Image Text:A buyer had an inventory at the beginning of the month of $120,000 and a planned EOM stock of $135,000. On the first of the month the buyer had merchandise on order of $55,000 to be delivered during the month. Planned markdowns for the month were $7,000 and planned sales were $85,000. The planned initial markup was 51%. Find the buyers OTB for the month at cost.
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