Retail Math

The men's tie department net sales for the Spring season are $36,000 and total store's sales are $2,400,000. What is the net sales percentage for the men's tie department?

1.5%

The markup percentage for an item with a retail price of $250 and a cost of $90 is which of the following

64%

Retail is $85.00, cost is $30.00, what is the markup percent?

64.7%

A buyer discovered that about 15% of the sweaters bought in Taiwan were damaged during shipping. The manufacturer had insurance to cover the damaged goods. Thirty-eight dozen sweaters were shipped. How many were damaged?

68

If 12,000 units of a sandal were received and 8,500 units have sold, what is the sell-thru of the sandals

71%

A great sell-thru is usually

90% or higher

A buyer has sold 100 tee shirts at $24.00 and 250 tee shirts at $30.00. The total gross sales are?

9900

If gross sales are $1,250,000 and returns are $70,000, what are net sales?

1,180,000

Pricing of product is dependent on which of the following factors

all of the above

Sell thru can be calculated using the following measurements

dollars sold, units sold, dollars received, units received (all of the above)

Keystone markup means

b. 50% markup based on retail price

Net sales minus the cost of goods sold equals

gross margin

Which is a measure of a buyer's profitability?

gross margin

The entire dollar amount received for merchandise sold during a given period before any reductions are taken is called?

gross sales

This is a temporary markdown that buyers use for a limited amount of time to drive sales

point-of-sale markdown

A financial summary of a business that reflects its overall health is called the

profit and loss statement

The cost of utilities fall under what section on the profit and loss statement?

indirect expenses

These expenses would exist whether a department is added or discontinued.

indirect expenses

Which of the following is not an advantage of a price lining strategy

makes stock control more difficult

Any reduction to a retail price on an item or group of items is called

markdown

Major categories on the profit and loss statement include all of the following except

markdown rate

This factor is the difference between the cost of the merchandise and the retail price

markup

If net sales are $362,500 and gross margin is $213,400 what is the cost of goods sold?

none of the choices

Umbrellas sales are $12,000 of the $36,000 cold weather assortment. What percentage of the cold weather assortment are umbrellas

none of the choices are correct

In the calculation of sell-thru, if received has not been determined, sold plus "what" can be used to determine sell-thru

on hand

Which factor does not affect the cost of goods sold?

operating expenses

A buyer purchased 3 1/2 dozen T-shirts at $48.00 pre dozen.What was the total cost of the shirts?

$168

A buyer takes a markdown on shorts from $34.00 to $24.99. 400 pair of shorts were marked down. What is the total markdown for the shorts

$3640

Cost is $195.00, markup percent is 60%, what is the retail price?

$487.50

A girl's licensed tee shirt has a 65% markup and retails for $20 The cost price that a buyer would pay for the tee shirt would be

$7

Retail is $19.99, markup percent is 65%, what is the cost price?

$7.00

If 2,500 units of a skirt are on hand and 4,500 units of a shirt were originally received, how many skirts have sold?

2,000 units

Retail is $45.00, markup percent is 45%, what is the cost price?

24.75

Cost is $85.00, markup percent is 65%, what is the retail price?

242.86

If the sales are $625,000, gross margin is $295,800 and net profit is $5,300, what are total expenses?

290,500

Cost is $18.00, markup percent is 45%, what is the retail price?

32.73

Retail is $195.00, cost is $120.00, what is the markup percent?

38.5%

The gross margin for the handbag department for the year was $300,000 and net sales were $775,000. What was the gross margin percentage achieved in the handbag department?

38.7%

A flagship store has annual sales of $2,240.0, while the entire retail chain has annual sales of $5,480.0 What percentage of the entire retail chain's sales is done in the flagship store

40.9%

Retail is $60.00, cost is $35.00, what is the markup percent?

41.7%

A buyer purchased 3 1/2 dozen T-shirts at $48.00 pre dozen. How many shirts were purchased?

42

Cost is $20.00, markup percent is 55%, what is the retail price?

44.44$

Retail is $99.00, markup percent is 50%, what is the cost price?

49.50

If 1,000 units of a sweater sold and 2,000 units were originally received, what is the sell-thru?

50%

During the fall back to school sale last year, 680 leather-bottom backpacks were sold. This year sales declined by 26%. How many backpacks were sold this year?

503

Retail is $75.00, cost is $35.00, what is the markup percent?

53.3%

What is the total markup percent on a combined order of 10 belts, cost $16.00 each, and retail at $30.00 each, 14 skirts that cost $20.00 each and retail at $45.00 each and 25 blouses that cost $18.00 each and retail at $40.00 each.

53.89%

What is the total markup percent for a combined order including 120 pairs of socks, cost $2.50 each and retail at $5.50 each and 120 pairs of socks that cost $36.00 a dozen and retail for $6.50 each.

54.17

The merchandise designers found fabric on an overseas trip to produce new T-shirts for spring. After negotiations the designers found the cost of the fabric to be $1.88 per yard. It takes 3/4 yard to make one T-shirt. After the buttons and trim are added, the designers determine that the materials for one shirt cost $2.50. What percentage of the cost is fabric?

56%

If sales are $1,180,000 and cost of goods are $600,500, what is the gross margin?

579,500

If net sales are $300,000 and the cost of goods sold are $125,000, what is the gross margin percentage of sales?

58.33%

Retail is $175.00, markup percent is 66.5%, what is the cost price?

58.63$

How can a buyer maximize gross margin?

Increase sales and decrease cost of goods sold

Which of the following terms indicates how much merchandise has been sold in dollars, what is actually collected from customers?

Net Sales

Gross margin results from?

Subtracting cost of goods sold from net sales

Cost of goods sold includes all of the following except

salaries

This is the factor that tells a buyer how fast or slow merchandise is selling

sell through percentage

This calculation is determined by dollars sold divided by dollars received.

sell-thru

Sell-thru allows buyers and store personnel to determine best sellers within a department.

true