Determine the gross margin percent for a department with the ...

[jazziefee]

Determine the gross margin percent for a department with the following figures:
  Net sales 350,000
  Net purchases 135,600
  Opening inventory 120,000
  Closing inventory 82,000
  Freight inward 6,400
  Cash discounts 8,950
  Alteration costs 4,950
 
  a. 49.71
  b. 49.0
  c. 49.91
  d. 48.57

Question 2

Sales per square foot for the dress department of a chain store average 260 annually. If the annual sales for this department in a new store unit are planned at 260,000, what amount of space should be allocated to the new department?
 
  What will be an ideal response?

[Loise Hard]

Answer to Question 1

a. 49.71

Answer to Question 2

Space for new department = 260,000  260 = 1,000 sq. ft.

[jazziefee]

Excellent

[juliaf]

YES! Correct, THANKS for helping me on my review