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AMD 376 Week 1 notes

by: Clare Schubert

AMD 376 Week 1 notes AMD 376

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Clare Schubert

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Formulas and examples
Merchandising Planning, & Control
Amy Dorie
Class Notes
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This 3 page Class Notes was uploaded by Clare Schubert on Monday February 29, 2016. The Class Notes belongs to AMD 376 at Iowa State University taught by Amy Dorie in Spring 2016. Since its upload, it has received 40 views. For similar materials see Merchandising Planning, & Control in General at Iowa State University.

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Date Created: 02/29/16
AMD 376: Merchandising, Planning, & Control  Decimals = aligned  Rounding – important  % -> fraction OR % -> decimal  Percentage Amount = Percent X Base  % Increase or Decrease = difference between two figures/previous figure o (This Year – Last Year)/Last Year = +% OR -%  Percent = Percentage Amount/Base  Base = Percentage Amount/Percent  EX: sales this week $12,638 which was an 8.6% increase – what is the base (last weeks sales)? o 100%+8.6% = 108.6% o $12,638/108.6% = $11,637  State of the Economy – stagnant o Why: disposable income, confidence  State of Retail o Bloomberg Business – 50% of consumers still think we are in a recession, focused on day to day paycheck  Current Events impacting retail o Presidential Election o Global Warming – purchase warm or cold (temps reached balmy 70 degrees in NYC on Christmas Eve, change of one degree can affect sales of winter gear by 3% - 5%, retailers lost $185 million in sales) o Stock Market – way down, how consumers feel about spending their money, instability in China o Gas Prices – low, we have more money for retail, $175 billion consumer spending estimated ($1.75 per gallon)  A customer bought the following items: 2 towels @ $14.99 each, 4 wash cloths @ $3.89 each, 6 wash cloths @ $2.25 each, and 2 beach towels @ $28.49 each. Accounting for sales tax of 7.2%, what was the total amount purchased? o 2 X 14.99 + 4 X 3.49 + 6 X 2.25 + 2 X 28.49 = $116.02 o $116.02 X 7.2% = ( )  25% of $200 = (50)  50 = (0.91%) of $5,500  $12.50 = 40% of ($31.25)  John’s sales for the week totaled $9,271.43, a 6.5% increase over his sales the previous week. What were his previous week’s sales? o 100% + 6.5% = 106.5% o 9,271.43/1.065 = $8,705.57  Last week, Linda’s commission check was $84. If she earns a 12.5% commission on sales, what were her total sales? o Base = Percent Amount/Percent o $84/0.125 = $672  This year, Peg’s Boutique had sales of $86,916 during the month of March. Last years’ sales were $82,374. Calculate the percent increase. o $86,916 - $82,374/$82,374 = ( )  Net Sales = $ Profit/Profit %  Cost of Goods Sold ( )  Gross Margin = Net Sales – COGS or Profit + Expenses  Profit/(Loss) = Gross Margin – Expenses  Net Sales – Cost of Merchandise Sold = Gross Margin – Operating Expenses = Profit  Operating Profit = Net Sales – COGS – Expenses  EXAMPLE: Skeleton Net Sales: $561,800 COGS: $275,280 Gross Margin = $561,800 – $275,280 = $286,520 Expenses: $253,936 Profit = $32,584 o Expense % = $253,936/$561,800 = 45.2% o Gross Margin % = $286,520/$561,800 = 51%  EXAMPLE: Last season, operating profit was $5,000, which represented 2% of net sales. Find net sales. o $5,000 / 2% = $250,000  EXAMPLE: Determine the figures necessary to complete a skeleton profit and loss statement with the following figures: o Net Sales $470,720 o Gross Margin 43.62% o Loss 2.30% Net Sales $470,720 100% COGS ($265,393) { Gross Margin ($205,328) 43.62% Expenses (216,154) Loss (-$10,826) 2.3%


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