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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
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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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 $235,500 Opening inventory Net Purchases $87,000 $97,000 Profit Transportation Closing inventory Cash discount $50,000 $2,500 $8,500 $4,800 What was the maintained markup percentage for the quafter? a. b. What was the gross margin percentage for the quarter?
Transcribed Image Text: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 $235,500 Opening inventory Net Purchases $87,000 $97,000 Profit Transportation Closing inventory Cash discount $50,000 $2,500 $8,500 $4,800 What was the maintained markup percentage for the quafter? a. b. What was the gross margin percentage for the quarter?
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