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Desperate need of math homework help! (Merchandise Math)
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February 25th, 2008
I have been stuck on this one problem for hours…please help me through the steps to figuring out the problem. The answer is: 47.2% initial markup (I just need to know how to get there!)
The problem:
Determine the initial markup for a designer boutique that has the following projections for next season:
planned sales=$4,000,000
Markdowns=$600,000
Expenses=38%
Cash Discounts=4%
Shortages=$20,000
Profit=5%
Formula: Initial MU%=Gross Margin%+Retail Reduction% divided by 100%+ Retail Reduction%
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