MARKDOWN AND MARKDOWN RATE In March, Swim and Sport purchased designer bathing suits for P2 500.00 each. The original markup was 60% based on the selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over, and all merchandise was marked up by 15%. By July, many bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits was put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits.

MARKDOWN AND MARKDOWN RATE In March, Swim and Sport purchased designer bathing suits for P2 500.00 each. The original markup was 60% based on the selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over, and all merchandise was marked up by 15%. By July, many bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits was put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help me fast please
JYP Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the shirts to the store for RM40 each. The cost to the store for placing an order is RM110, and the annual carrying cost is 20% of the cost of the shirt. Jackson, the store manager, estimates that 1,600 shirts will be sold during the year. The vendor has offered the store the following volume discount in Table 3. Table 3: Discount schedule [Jadual 3: Jadual diskaun] ORDER SIZE DISCOUNT 1- 299 300 – 500 0% 2% 501 and more 4% (i) Calculate optimal order quantity based on the quantity discount information. [Hitungkan kuantiti pesanan optimal berdasarkan maklumat jadual diskaun.] (ii) Calculate total annual inventory cost. [Hitungkan kos inventori tahunan total.] (iii) Determine the best order size of shirts. [Tentukan saiz tempahan baju yang terbaik]
Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Nov. Dec. Jan. Feb. $25,000 $35,000 $20,000 $25,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$O" - no quotation marks. Given the collection information and sales shown, complete the cash collections schedule below to determine how much cash will be collected in January and February (use the format shown in the textbook): Wax On Candles Cash Collections Schedule For January and February, 2019 January February November December January February Monthly Total
Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale. Given the following sales, how much cash will be collected in January and February? Nov. Dec. Jan. Feb. $27,000 $35,000 $19,000 $23,000 Jan. Feb. Cash collected
The Constantine Corporation purchases robes for $12 per unit and then sells them for $25 per unit. The company estimated the following sales for the first four months of the current year: January 8,000 units, February 12,000 units, March 9,000 units and April 7,000 units. The company has rent expense of $5,600 and personnel salaries of $32,000 each month as well as variable advertising costs of $3 per unit based on monthly sales. Ending inventory at December 31st is 2,000 units and for each month after that is expected to be 10% of the next month's sales. What is the company's budgeted net income for February?
Good Morning Sunshine is a wholesaler of coffee makers. In the current year, actual March sales revenue totaled $200,000. April sales are expected to increase 10% above March sales. May sales are expected to increase 10% above April sales. June sales are expected to decrease 5% below May sales. Prices are set to achieve a 60% gross profit. The company wants to maintain an ending merchandise inventory equal to 15% of the next month’s cost of sales. The ending inventory requirement was met at the end of March. Accounts Payable consist solely of inventory purchases. All invoices from the suppliers are dated as of the end of the month of purchase and carry payment terms 2/10, net 30. Assuming Good Morning Sunshine takes full advantage of purchase discounts offered, what are the company's expected cash disbursements in May to its supplier? A. $87,533.60 B. $94,152.52 C. $131,300.40 D. $86,240.00 E. $89,474.00
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,304, $36,973, and $39,905, respectively. Round to the nearest penny, two decimal places.
Suits Inc. expect to sell 8,500 units for $190 each in January, 2,500 suits for $200 each in February and 4,700 suits in March for $210 each. Sales revenue is collected 75% in the month of sales, and 20% the next month. (5% of sales are never collected.) Jan. 1 accounts receivable are $290,000. It is expected that 80% of the Jan. 1 receivable swill be collected, and the rest will never be collected. Cost of Goods sold is 70% of sales revenue. Cost of goods sold is paid 60% in the month of sale and 40% in the next month. There are accounts payable of $240,000 on Jan. 1. Our cash balance on Jan. 1 is $60,000. We want to keep a minimum cash balance of $50,000 at the end of each month. We can borrow at the beginning of any month in increments of $10,000. The interest rate is 12% annually, i.e. 1% a month. Interest is paid monthly at the end of the month. Prepare a monthly schedule of cash receipts, cash disbursements and borrowing and interest payments (if required) for January and…
I need an answer ASAP please.
Fill in blanks with blue arrows please and thank you
ABC sells on credit terms of 2/10, n/30. Daily sales average 200 units at P2,500 each throughout the 365-day year. All sales are on credit. On average, 40% take the cash discount by paying on tenth day while the remaining 60% pay on the 30 th day. It is planning to change the credit terms to 2/10, n/25. If this change was done, daily sales will be 180 units. Around 45% will pay on the tenth day while the remaining 55% will pay on the 25 th day. 4. What will be the new average accounts receivable balance based on the given?5. What will be the new average collection period of the receivables in days?6. What will be the new receivable turnover? Round off to two decimal places.Please answer all three. Thank you.
The shops sell 13 racing bikes per week at a retail price of $657.53. Recently, you put the bikes on sale at $574.92. At the sale price, 17 bikes were sold during the one-week sale.What was your markdown percent on the bikes?What is the percent increase in number of bikes sold during the sale?How much more revenue would be earned in six months by permanently selling the bikes at the lower price rather than having a one-week sale each month? (6 sale weeks in 26 weeks)