Accounting
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
The men's dress shirt department has been given the following information to
use in developing a merchandise plan for the fall-winter season:
Planned net sales
$566,000
Operating expenses
35.8%
Planned profit
Markdowns
15.2%
Cash Discounts 2.6%
a.) Determine the initial markup %
b.) Calculate the gross margin %
4.0%
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