A menswear department took the following markdowns: 175 shirts from $50 to $37.99 230 pants from $40 to $31.99 Gross sales for the month in the department were $47,404.50 and customer returns were 5%. What were the denartmental markdown percentages for the month? 9.

A menswear department took the following markdowns: 175 shirts from $50 to $37.99 230 pants from $40 to $31.99 Gross sales for the month in the department were $47,404.50 and customer returns were 5%. What were the denartmental markdown percentages for the month? 9.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: In the month of June, Jose Hebert’s Beauty Salon gave 3,500 haircuts, shampoos, and permanents at an…

A: Solution: Contribution margin = Sales - Variable costs CM per unit = Selling price per unit - VC per…

Q: Hello, Brooklyn furniture, a retail store, has an average gross profit ratio of 47%. The sales…

A: Calculate cost of sales ratio:Let assume, sales ratio is 100%, and gross profit ratio directly given…

Q: Assume a merchandising company’s estimated sales for January, February, and March are $106,000,…

A: Cash disbursements for February = (Budgeted purchases for January X 75%) + (Budgeted purchases for…

Q: Grace manufactures and sells miniature digital cameras for $200 each. 1,300 units were sold in May,…

A: Revenue is shown in the income statement. Revenue is the product of number of units sold and price…

Q: A store had monthly utility expense of $12,378. Determine the share for Department 1 (rounded to the…

A: Allocation of store had monthly utility expense of $12,378. based on floor space for each department…

Q: Mercurius sells bicycles. The following data relates to the most recent quarterly sales forecast:…

A: The Mercurius Company sells bicycles and the budget for July purchases is being estimated from the…

Q: any's cost of goods sold iS consistently of the next month's budgeted cost of a month is paid for in…

A: The answer posted is incorrect. Cost of goods sold for the month is 60% of the sales for the same…

Q: 5. Find the cost of 125 men's sults at $310.15 each and 14 dozen ties at $4.25 each. 6. A total of…

A: Cost :— It is calculated by multiplying units with manufacturing cost per unit. Units Unsold :—…

Q: For the first quarter of 2021, ABC Firm prepared the following sales budget and purchases budget.…

A: A budget is said to be financial document which projects the incomes, expenses or other related data…

Q: A7

A: The account receivables represent the amount due from the customers. The cash collection schedule is…

Q: In a shop that sells t-shirts, 250 blue t-shirts were sold weekly and 25% of the remaining t-shirts…

A: It is a problem that requires a mathematical expression to solve it. It has four types of T-shirts…

Q: The following information pertains to Monroe Company: Month Sales Purchases January $62,000 $33,000…

A: Purchases may be made in cash or by credit. The credit purchases have to be paid for in the months…

Q: Lindell Company made direct materials purchases of $50,200 and $62,200 in September and October,…

A: The objective of the question is to calculate the total cash paid for purchases in October by…

Q: 7. Determine the markdown percent for July if sales were $32,000 and the buyer for home furnishings…

A: The markdown percentage is a measure of the reduction in the selling price of goods or products…

Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,…

A: Cash budget means expected cash receipts and expected cash payment with opening and closing cash…

Q: Handy’s Hats makes the world’s best hats. Information for the last eight months follows: Month…

Q: If gross sales for the denim department for Fall were $1,545,000 and reductions were 37%, calculate…

A: The question is based on the concept of Business Transaction Analysis.

Q: The planned initial markup in a department, as indicated on the merchandise plan, is 42.5%. The…

A: OTB means open to buy , this strategy helpful for retailer to buy a product with estimated money and…

Q: The home buyer is planning their basic towel assortment for the fall season. The sales plan is…

A: The Basic Stock approach of inventory planning establishes a consistent baseline level of inventory…

Q: Because of Father's Day, Melvin's Men's Wear had sales of $470,000 in June. Sales decreased by…

A: Given information: Sales in June = $470,000 Sales in July = $470,000 - $235,000 = $235,000

Q: Precious Stones Limited is a retail jeweler. Most of the firm's business is in jewelry and watches.…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: In the month of June, Wildhorse Hebert's Beauty Salon gave 4,000 haircuts, shampoos, and hair…

A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

Q: Each day, the office staff at Oasis Quick Shop prepares a frequency distribution and a histogram of…

A: A histogram is a graphical representation of a frequency distribution. It's made up of bars, where…

Q: 5. Cash collections for Wax On Candles found that 60% of sales were collected in the month of the…

A: January:The company is said to be collecting cash from the sale at 60% in the month of sale, 30% in…

Q: Last month, Porter Inc. sold 35 bobble dolls. The bobble dolls cost $8 each. If the unit…

A: Toatl revenue = No of units sold * Selling price per unitSelling price per unit = Contribution per…

Q: Teton Trails manufactures backpacks for adventurers. The backpacks come in two types: Daytripper,…

A: Daytripper Backpacks:Anticipated Sales in July: 4,000 backpacksAnticipated Sales in August: 4,400…

Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,…

A: Cash collection schedule shows the cash collected in the months by the company from the revenue…

Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,…

A: Solution: Computation of cash collection in the month of Jan and feb will be based on sales during…

Q: In the month of June. Oriole Hebert's Beauty Salon gave 3,000 haircuts, shampoos, and hair colorings…

A: Variable Cost - Variable Costs are those costs that change according to the change in output. The…

Q: Establish a six-month sales curve for a department given the following sales

A: Sales percent, sometimes referred to as sales percentage, is a measurement that indicates the share…

Q: During the month of September, Chase's Barbershop engaged with 590 clients at an average price of…

A: Contribution: "The contribution margin tells you the total amount of income available after variable…

Q: Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a…

A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…

Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,…

A: Solution: Cash collection is done on the basis of percentages of collection in the respective months…

Question

A menswear department took the following markdowns:
175 shirts from $50 to $37.99
230 pants from $40 to $31.99
Gross sales for the month in the department were $47,404.50 and customer returns were 5%. What were the
departmental markdown percentages for the month?
9.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On January 1 the company had 330 widgets in finished good inventory. The company policy is to maintain an inventory of 15% of next montha sales. The company forecast the following sales: Jan. 2,200 Feb. 2,800 March 3,500 April 4,000 Determine the required production for January?
3. February, a retail shop purchased golf clubs for $497 per set. The original markup was 35% based on cost. In April, the shop took a 23% markdown by having a special sale. After two weeks, the sale was over and the clubs were marked up 10%. In June, the shop offered a storewide sale of 16% off all merchandise, and in September, a final 11% markdown was taken on the clubs. What was the final selling price of the golf clubs? 4 The original price of shoes is $121.12. If the sale price is $113.05, how much is the markdown? Round off answer to the nearest centavo.
Cat Supplies offers terms of 1/15, net 40. The discount is taken by 69 percent of customers. What is the company's average collection period? 22.75 days 27.50 days O 16.04 days 21.52 days 25.13 days
ac
In the month of March, Carla Vista Salon services 650 clients at an average price of $110. During the month, fixed costs were $14,256 and variable costs were 70% of sales.
Calculate the markup percentage on the following order placed by the women's department: 10 dozen earrings costing $60 per dozen to retail for $12 each 1500 sweaters costing $25 each to retail for $48 each. 5.
Laredo, Inc. has a contribution margin ratio of 55%. This month, sales revenue was $186,000, and profit was $28,000. If sales revenue increases by $45,000, by how much will profit increase? Multiple Choice $1,540 $5,500 $21,950 $24,750