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Question 6 What should be the initial markup percent in a department having these planned figures? Net Sales $420,000 Expenses 38.0% Markdowns $8,500 Alteration costs $950 Shortages $2,500 Cash Discounts $1,600 Employee Discounts $1,900 Profit 8.0%

Question 6 What should be the initial markup percent in a department having these planned figures? Net Sales $420,000 Expenses 38.0% Markdowns $8,500 Alteration costs $950 Shortages $2,500 Cash Discounts $1,600 Employee Discounts $1,900 Profit 8.0%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 6 What should be the initial markup percent in a department having these planned figures? Net Sales $420,000 Expenses 38.0% Markdowns $8,500 Alteration costs $950 Shortages $2,500 Cash Discounts $1,600 Employee Discounts $1,900 Profit 8.0% Question 7 A department has planned sales of $220,000, expenses of $85,000, reductions of $18,000, cash discounts of $1,800, and alteration costs of $3,200. Determine what initial markup % will result in a 7.0% profit.
Transcribed Image Text:Question 6 What should be the initial markup percent in a department having these planned figures? Net Sales $420,000 Expenses 38.0% Markdowns $8,500 Alteration costs $950 Shortages $2,500 Cash Discounts $1,600 Employee Discounts $1,900 Profit 8.0% Question 7 A department has planned sales of $220,000, expenses of $85,000, reductions of $18,000, cash discounts of $1,800, and alteration costs of $3,200. Determine what initial markup % will result in a 7.0% profit.
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