Solve this correctly.not use excel Report all currencies to the nearest penny and all percentages to the nearest tenth.1. Find the markup for a men's suit department with the following data:Net sales$235,500Opening inventoryNet Purchases$87,000$97,000ProfitTransportationClosing inventoryCash discount$50,000$2,500$8,500$4,800What was the maintained markup percentage for the quafter?a.b. What was the gross margin percentage for the quarter?

Answer a. Maintained markup refers to the margin or profit on merchandise sold to the customer. In…

Report all currencies to the nearest penny and all percentages to the nearest tenth. 1. Find the markup for a men's suit department with the following data: Net sales S235,500 Opening inventory $87,000 Net Purchases $97,000 Profit Transportation Closing inventory $50,000 S2,500 S8,500 Cash discount $4,800 a. What was the maintained markup percentage for the quarter? b. What was the gross margin percentage for the quarter?

Report all currencies to the nearest penny and all percentages to the nearest tenth. 1. Find the markup for a men's suit department with the following data: Net sales S235,500 Opening inventory $87,000 Net Purchases $97,000 Profit Transportation Closing inventory $50,000 S2,500 S8,500 Cash discount $4,800 a. What was the maintained markup percentage for the quarter? b. What was the gross margin percentage for the quarter?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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