6. Fashion Master purchased men's sweaters for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of regular selling price. The sweaters were reduced to 45.90 for the store's Boxing Day Blowout. a. What was the rate of markdown for the sale (discounted Price)? b. What was the profit or loss on each sweater at the sale price? c. At the sale price (discounted price), what was the rate of markup on cost?

6. Fashion Master purchased men's sweaters for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of regular selling price. The sweaters were reduced to 45.90 for the store's Boxing Day Blowout. a. What was the rate of markdown for the sale (discounted Price)? b. What was the profit or loss on each sweater at the sale price? c. At the sale price (discounted price), what was the rate of markup on cost?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter2: Computing Wages And Salaries

Section: Chapter Questions

Problem 21PB: Maria Cohen is employed as a salesperson in the mens department of Lees Fashions. In addition to her...

See similar textbooks

Similar questions

Maria Cohen is employed as a salesperson in the mens department of Lees Fashions. In addition to her weekly base salary of 400 (35-hour week), Cohen is paid a commission of 1% on her total net sales for the week (total gross sales less any customer returns). During the past week, to promote the sale of its fine cashmere sweaters, Lees agreed to pay Cohen an additional PM (push money) of 3% of the total net sales of cashmere sweaters. Cohens weekly sales tally is given below. Compute Cohens total weekly earnings, showing her (a) weekly base salary, (b) commission, (c) PM, and (d) total weekly earnings.
The Kidz Klothing store ordered a line of snowsuits at $60 each, less a trade discount of 8%. The selling price is marked up to allow for overhead expenses of 15% of the cost price, and profit of 25% of the cost price. a) What was the regular selling price of the snowsuits? b) If the snowsuits are sold for a reduced price of $59, what is the profit or loss perpair? c) What is the rate of markdown of the snowsuits?
A clothing store buys scarves for $30.00 less 54% for buying over 50 pairs, and less a further 17 3/4% for buying last season’s style. The scarves are then marked up to cover overhead expenses of 43% of cost and a profit of 37 3/4% of cost. (a) What is the regular selling price of the scarves?(b) What is the maximum amount of markdown to break even?(c) What is the rate of markdown if the scarves are sold at the break-even price?
Leslie’s Pool Supply, a retailer, pays $285 for a diving board. The original selling price was $399, but it was marked down 40%. If operating expenses are 30% of cost, find (a) reduced price (b)the operating loss (c) the absolute loss.
A department store paid $32.57 for a dinner plate set. Overhead expense is 15% of the regular selling price and profit is 23% of the regular selling price. During a clearance sale, the set was sold at a markdown of 41%. What was the operating profit or loss on the sale?
Using the data from the attached picture, compute for the following: 1. If 5,000 units are sold, what will be the store’s operating income (loss)?2. If sales commissions are discontinued and fixed salaries are raised by a total of₱810,000, what would be the annual breakeven point in (a) units sold and (b) revenues?3. Refer to the original data. If in addition to his fixed salary, the store manager is paida commission of ₱30 per unit in excess of the break-even point, what would be the store’s operating income if 10,000 units were sold.
The cost of a window air conditioner was $340 and had a markup on cost percentage of 50%. During a spring promotion, the selling price was reduced by $100. The required overheads and operatings profit for the air conditioner are 15% and 35% of cost respectively. For full marks your answers should be ropunded to the nearest cent. What is the regular selling price?What is the profit at the sale price ?What is the break - even price?
ABC Office Furniture sells its primary product, an office chair, at R150 per unit. Total credit sales for the previous financial year were 4 000 units. The variable cost to manufacture one chair is R60 and the total fixed costs for the year are R80 000. The entity’s credit terms are 2/10 net 45 and it is considering tightening its credit standards to 3/7 net 30. This is expected to result in a 5% decrease in sales, but bad debt is expected to decrease from 2% of credit sales to 1%. The average collection period is expected to decrease from the current 45 days to 30 days. In the past, 20% of debtors accepted the discount. This percentage is not expected to change. The entity’s cost of capital is 14%. Assume 365 days per year. To calculate the effect of the tightening of credit standards, the entity needs to calculate the following: ■ the profit loss or gain from a decrease or an increase in sales ■ the cost of the marginal investment in accounts receivable ■ the cost of marginal bad…
One of the products that Justine Corporation sells is “Extra Soft” floor mats. Justine’s ordering costs related to the mat is P12.50 per order. The cost of carrying one mat for one year is P16.00. Justine sells 40, 000 of these mats evenly throughout the year. 1. If, instead of following the EOQ, the company decided to place an order of 200 units per order, how much will be the total inventory cost?
W Promotions sells T-shirts imprinted with high school names and logos. Last year the shirts sold for $20.00 each, and variable costs were $8.50 per shirt. At this cost structure, the breakeven point was 24,600 shirts. However, the company actually earned $24,840 in net income.This year, the company is increasing its price to $22 per shirt. Variable costs per shirt will increase by 20%, and fixed expenses will increase by $30,980. The tax rate will remain at 40%.
How many T-shirts must the company sell this year in order to earn $56,640 in net income? (Use the rounded contribution margin per unit calculated in the previous part to calculate Target Sales units. Round Target Sales units to 0 decimal places, e.g. 25,000.) W Promotions sells T-shirts imprinted with high school names and logos. Last year the shirts sold for $20.00 each, and variable costs were $8.50 per shirt. At this cost structure, the breakeven point was 24,600 shirts. However, the company actually earned $24,840 in net income.This year, the company is increasing its price to $22 per shirt. Variable costs per shirt will increase by 20%, and fixed expenses will increase by $30,980. The tax rate will remain at 40%.
A retailer buys a product from a supplier for $40. The retailer needs a 30% markup on cost to cover operating expenses. If the product is sold for $48, what is the outcome?