Determine the IMU% which will be required to achieve a 5.2% profit with the following figures:• Markdowns4.0%• Employee discounts• Expenses• Shortages• Cash discounts0.9%45.0%1.2%1.1%• Alteration costs0.9%a.) Calculate the IMU% for this departmentb.) What is the Reduction% for this department

The amount of potential profit in the retail price of merchandise is measured by initial markup…

Answered: a.) b.)

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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Fill in the blanks for each of the following independent cases. E (Click the icon to view the cases.) (For entries with a $0 balance, make sure to enter "0" in the appropriate cell. Round the contribution margin percentage to the nearest whole percent.) Variable Fixed Total Operating Contribution Case Revenues Costs Costs Costs Income Margin Percentage $ 2,800 $ 500 $ 400 $ 900 $ 1,900 82 % a. b. $ 2,900 2$ 400 2$ 1,200 % - X Data Table Contribution Fixed Costs Margin Percentage Variable Total Operating Income Case Revenues Costs Costs Case a. $ 500 $ 900 $ 1,900 Case b. $ 2,900 $ 400 $ 1,200 Case c. 2$ 1,000 $ 600 $ 1,000 Case d. $ 1,800 $ 400 50% Print Done
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