Can you please help me step by step for test corrections

Complete the following Skeletal Profit & Loss Statements

1. 1.Last Year's sales were 600,000 and This Year's Sales was 640,000. What is the % change?

1. Last Month's Sales were 120,000 and this Month's Sales are planned at 130,000 What is the planned sales % increase

1. Calculate Penetration % to total for each department

Sportswear Dept $1,200,000

Intimate Dept $400,000

Outerwear Dept $250,000

1. Calculate sell thru percent and current on hand units

Beginning of Week Inventory (BOW) Units Sold Last Week Current On Hand Units Sell-Through Percent

1. Sell Thru information helps buyers understand
2. weekly sales by SKU
3. if they need to markdown slow moving merchandise
4. if they need to reorder merchandise
5. all of the above

6.

Net Sales	400,000
Cost of Goods Sold		52%
Gross Margin
Operating Expenses		46%
Operating Profit

7.

Net Sales	284,000
Cost of Goods Sold
Gross Margin	180,000
Operating Expenses	160,000
Operating Profit

8.

Net Sales
Cost of Goods Sold
Gross Margin		40%
Operating Expenses	55,000
Operating Profit		5%

9.

Net Sales	1,400,000
Cost of Goods Sold
Gross Margin
Operating Expenses		40%
Operating Profit		10%

10.

Net Sales	280,000
Cost of Goods Sold
Gross Margin		38%
Operating Expenses	96,000
Operating Profit

11. All of the following are examples of Direct Expenses except:

a. Buyers Salary

b. Sales staff

c. Buying Trips

d. Executive management

12. If Net Sales are reduced what effect will this have on Cost of Goods Sold and Gross Margin

a.Lowers COGS and Lowers GM

b. Raises COGS and Lowers GM

c. Raises COGS and Raises GM

d. Raises Gross Margin and Raises Operating expenses

13. CR@A are 13,500 and Net Sales are $100,000. What were the Gross Sales and what is the CR&A percentage.

14. Buyer purchases an item at $120 to retail for $360 What is the MU% and Cost % here.

	$	%
Retail	360
Cost	120
MU

15. Buyer purchased on item for $40 with 65% cost percent. What will they have to Retail the item for?

		$	%
Retail
Cost
MU

16. Buyer purchased an item at $12 and needs a 62% MU. What Retail do they need to be at?

	$	%
Retail
Cost	8.25
MU

17. Buyer wants to retail an item at $68 and has must achieve a 56% Markup. What is the most she can pay for this item.

	$	%
Retail	68
Cost
MU		52%

18. An item with Retail of 120 and a 46% MU will cost no more than.

	$	%
Retail
Cost
MU

19. Buyer purchases an item at 24 Cost, at what retail price will they obtain at a 35% Markup?

	$	%
Retail
Cost
MU

20. Buyer Purchased 120,000 yards of Carpet @ $12 per yard with the following Discounts and Terms. Trade discounts of 20%, 15%, 10%. Quantity discount of 10% on all orders over 150,000 yards and 2/10 terms. Assuming the payment was paid in time for discount, what was the final cost to retailer.

21. Please apply the following freight terms to the above answer in question 15 and give total remittance to Vendor.

Freight FOB Retailer

Freight $230

22. Please apply the following freight terms to the above answer in question 15 and give total remittance to Vendor.

Freight FOB Vendor

Freight $230

23. An order for $25,000 is shipped 2/10 ROG on an invoice dated April 2^nd. Merchandise was received in Retailers warehouse on April 11^th. What is the Discount Date on the merchandise and what amount will be remitted if paid by the discount date.

24. An order for $100,000 is shipped Net 30 and Invoiced on Aug 1^st. When is the last day the retailer can pay this invoice and not incur a finance charge.

25. An agnostic, dyslexic insomniac does the following

a. stays up all night thinking about the existence of Dog

b. stays up all night thinking about the existence of Dog

c. Stays up all night thinking about the existence of Dog

d. Stays up all night thinking about the existence of Dog