16.Given the following information, calculate the gross margin %:Cost$144,900.00 $345,000.00Retailopening inventorygross purchases$101,200.00 $220,000.00returns to vendors$11,500.00 $25,000.00$2,000.00freightadditional markup$3,000.00$2,000.00 CMU =net transfers out$9,200.00%3Dtotal merch handledcost % =net sales$275,000.00markdowns$35,000.00markdown cancellations$5,000.00employee discounts$3,000.00total retail deductionsclosing book inventorygross cost of merch sold$2,500.00$6,000.00alterations costscash discountsnet cost of merch soldgross margin $gross margin %

Name: 16.Given the following information, calculate the gross margin %:Cost
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Description: 16.Given the following information, calculate the gross margin %:Cost$144,900.00 $345,000.00Retailopening inventorygross purchases$101,200.00 $220,000.00returns to vendors$11,500.00 $25,000.00$2,000.00freightadditional markup$3,000.00$2,000.00 CMU =

Retail Inventory Method In the Retail Inventory method which given the details of the cost and…

Business

Accounting

16. Given the following information, calculate the gross margin %: Retail Cost $144,900.00 $345,000.00 $101,200.00 $220,000.00 $11,500.00 $25,000.00 $2,000.00 opening inventory gross purchases returns to vendors freight additional markup $3,000.00 $9,200.00 $22,000.00 CMU = cost % = net transfers out total merch handled $275,000.00 $35,000.00 $5,000.00 net sales markdowns markdown cancellations employee discounts $3,000.00 total retail deductions closing book inventory

16. Given the following information, calculate the gross margin %: Retail Cost $144,900.00 $345,000.00 $101,200.00 $220,000.00 $11,500.00 $25,000.00 $2,000.00 opening inventory gross purchases returns to vendors freight additional markup $3,000.00 $9,200.00 $22,000.00 CMU = cost % = net transfers out total merch handled $275,000.00 $35,000.00 $5,000.00 net sales markdowns markdown cancellations employee discounts $3,000.00 total retail deductions closing book inventory

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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