If last year's sales were $906,050 and a store was planning an increase in sales of 3.75% and a markdown percent of 18.25%, what is the planned markdown in dollars? (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).)
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
1. If last year's sales were $906,050 and a store was planning an increase in sales of 3.75% and a markdown percent of 18.25%, what is the planned markdown in dollars? (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).)
2. Using the following data, calculate the planned April purchases at cost.
(Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).)
|
Sales |
$220,000 |
|
BOM Stock for April |
$380,000 |
|
BOM Stock for May |
$240,000 |
|
Markup |
51% |
|
Markdowns |
2.3% |
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