I need help with this last problem this is worth a lot of my grade and due tonight. You must use the open to buy formula t answer and I can not figure it out at all. to answer question two. Help

6 Month OTB Plan Beginning of the Month Inventory Sales Markdowns Open-to-buy (at retail) Open-to-buy (at cost) End of Month Inventory June July August September October November $155,000 $150,000 $152,000 $157,000 $157,000 $ 165,000 $47,000 $48,000 $50,000 $50,000 $52,000 $48,000 $1,000 $750 $750 $1,000 $1,500 $1,000 $43,000 $50,750 $55,750 $51,000 $61,500 $37,000 $17,200 $20,3001 $22,300 $20,400 $24,600 $14,800 if the initial markup is 40% $150,000 $152,000 $157,000 $157,000 $165,000 $153,000 The Open-To-Buy Formula Planned Sales + Planned Markdowns + Planned End of Month Inventory - Planned Beginning of Month Inventory Open-to-Buy (at retail) Questions: Read each question below and write your answer in the cell provided. What is the meaning of Open-to-Buy at retail? Answer: Open-to-Buy at retail has a huge effect on how to manage retail inventory. It is a formula used to measure the plan of the purchasing budget on future inventory. It helps a retailer stock the right amount of the correct products needed. The formula does this by showing how much is needed by how much is seen and available. This can range from physical inventory even to orders that are held outstanding. Creating an Open-to-Buy plan can help you carefully manage merchandise across the business for the year. By using an open-to-buy plan, your able to find areas within your retail organization where you can save money to invest in other areas of the business. Using the Open-to-Buy Formula, calculate the dollar amount a 15% cost-savings would allow you to invest in another area of the business if you currently have $155,000 devoted to inventory. Answer: I believe that after using the open to buy formula I am able to Sheet1 6 Month OTB Plan Beginning of the Month Inventory Sales Markdowns Open-to-buy (at retail) Open-to-buy (at cost) End of Month Inventory June July August September October November $155,000 $150,000 $152,000 $157,000 $157,000 $ 165,000 $47,000 $48,000 $50,000 $50,000 $52,000 $48,000 $1,000 $750 $750 $1,000 $1,500 $1,000 $43,000 $50,750 $55,750 $51,000 $61,500 $37,000 $17,200 $20,3001 $22,300 $20,400 $24,600 $14,800 if the initial markup is 40% $150,000 $152,000 $157,000 $157,000 $165,000 $153,000 The Open-To-Buy Formula Planned Sales + Planned Markdowns + Planned End of Month Inventory - Planned Beginning of Month Inventory Open-to-Buy (at retail) Questions: Read each question below and write your answer in the cell provided. What is the meaning of Open-to-Buy at retail? Answer: Open-to-Buy at retail has a huge effect on how to manage retail inventory. It is a formula used to measure the plan of the purchasing budget on future inventory. It helps a retailer stock the right amount of the correct products needed. The formula does this by showing how much is needed by how much is seen and available. This can range from physical inventory even to orders that are held outstanding. Creating an Open-to-Buy plan can help you carefully manage merchandise across the business for the year. By using an open-to-buy plan, your able to find areas within your retail organization where you can save money to invest in other areas of the business. Using the Open-to-Buy Formula, calculate the dollar amount a 15% cost-savings would allow you to invest in another area of the business if you currently have $155,000 devoted to inventory. Answer: I believe that after using the open to buy formula I am able to Sheet1