TXMI 3240 Exam #1 Study Guide
TXMI 3240 Exam #1 Study Guide TXMI 3240
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This 3 page Study Guide was uploaded by Ashley Pacilio on Thursday February 4, 2016. The Study Guide belongs to TXMI 3240 at University of Georgia taught by Soyoung Kim in Summer 2015. Since its upload, it has received 69 views. For similar materials see Retail Planning and Buying in Retail at University of Georgia.
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Date Created: 02/04/16
Retail Planning and Buying Study Guide 1. What would the selling cost percent be for a person who earned $350 during a week when net sales were $4,000? 2. Calculate the selling cost percent for a person who worked 40 hours at a wage of $17.50 an hour and had net sales of $5,374. 3. What was the selling cost p ercent for a person earning $95.70 whose gross sales were $2,383 and customer returns were $53.37 ? If a department needs to operate with a minumum selling cost of 7.8%, how much would a salesperson need to sell to have earnings of $95? A salesperson who worked 35 hours per week received a wage of $9.64 per hour. If she sold $4,938, what was her selling cost percent? A store currently pays all employees $7.45 per hour. For the week, the store has scheduled 87 hours of sales help. If the store desires to maintain the same selling cost percent when minimum wage goes to $9.20, how many hours of sales assistance can be allowed and still maintain the same selling cost? What is the markup percent on a jacke t that costs $78.00 and retails for $143? A dress retails for $123.00 and costs $64 .00. What is the markup %? If the cost complement % is 43.00, what is the markup %? If a coat costs $243.00 and must have a 37% markup what will the retail price be? Calculate the retail price of a sofa table that costs the store $375.50 and has a 48% markup. Determine the cost of a dress that retails for $153.00 and has a 43.00% markup. Calculate the cost of a pants suit that retails for $88.25 and has a markup of 59%. A buyer for a children’s department needs $17,000 worth of merchandise at retail for the mon th. She has already purchased 240 dresses that cost $34.00 each and will retail for $47 .00 each. What markup percent must she obtain on the remaining purchases in order to average a 43% markup for the month? Total Needs Purchases Balances Retail $17,000 240 at $47 Cost 240 at $34 Markup % 43% A buyer for a children’s department needs $13,500 worth of merchandise at retail for the mont h. She has already purchased 158 dresses that cost $25.00 each and will retail for $49.00 each. What markup percent must she obtain on the remaining pu rchases in order to average a 51% markup for the month? Total Needs Purchases Balances Retail $13,500 158 at $49 Cost 158 at $25 Markup % 51% A buyer plans to purchase 575 pairs of slacks for an Anniversary sale to retail for $86.00 each. He has already placed an order for 210 pairs at $23.00 each (cost). What is the most he can pay for each remaining pair of slacks if he is to achieve the department’s markup goal of 54%? Total Needs Purchases Balances Retail 575 at $86 Cost 210 at $23 Markup % 54% A buyer plans to purchase 462 handbags for a Christmas sale to retail for $48.00 each. She has already placed an order for 230 at $21.00 each (cost). What is the most she can pay for each remaining handbag if she is to achieve the department’s markup goal of 51%? Total Needs Purchases Balances Retail 462 at $48 Cost 230 at $21 Markup % 49% A buyer for sportswear needs $12,975 (retail) worth of merchandise. He has purchased 250 skirts which cost $15 each and will retail for $37 each. What markup percent should the buyer obtain on the remaining purchases in order to average a 42% markup? The following figures have been planned for a department. Calculate the initial markup percent that should be used in order to arrive at the planned figures: Shortages 3.0% Employee discounts 1.0% Markdowns 2.6% Expenses 25.0% Profit 11.0% Alteration costs 1.9% Cash discounts 0.4% The shoe department showed an opening inventory of $65,700 at retail with a markup of 36%. During the month, purchases we re received in the amount of $25,000 at cost that were marked up 47%. Find the cumulative markup percent for the department.
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