answer in text form please (without image) Determine the maintained markup percent and gross margin percent for a department with the following figures:Net salesNet purchasesOpening inventoryClosing inventoryFreight inwardCash discountsAlteration costsA56 Net Sales7 Cost of merchandise sold$350,000$135,600$120,000$82,000$6,400$8,950$4,95028891011121314 Closing Inventory15 Gross cost of merchandise soldCash Discounts Earned1617Net Cost of Merchandise Sold18Net Alteration/Workroom Costs19 Total cost of merchandise sold20 Gross Margin212223 Maintained Markup $24Opening InventoryGross PurchasesLess, Returns to VendorNet Purchases2526 Maintained Markup %27Freight InwardTotal Merchandise HandledBCD(-Net sales -Gross Cost of Merchandise Sold).(= Maintained Markup $/ Net Sales)E

Name: answer in text form please (without image) Determine the maintained ma
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Description: answer in text form please (without image) Determine the maintained markup percent and gross margin percent for a department with the following figures:Net salesNet purchasesOpening inventoryClosing inventoryFreight inwardCash discountsAlteration cos

Gross profit means the profit earned by selling the goods without considering the indirect expenses…

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Determine the maintained markup percent and gross margin percent for a department with the following figure Net sales Net purchases Opening inventory Closing inventory Freight inward Cash discounts Alteration costs $350,000 $135,600 $120,000 $82,000 $6,400 $8,950 $4,950