Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

class project

working on a class project

Problems

SHORTAGE AND OVERAGE Module Six: SHORTAGE AND OVERAGE
Correct formula and answer
1. Calculate the shortage % for the jewelry department if shortage $ are $482 and net sales for the year are $6,550. One or more formula errors
Shortage $ Net Sales $ Shortage % Wrong formula or no formula
$482 $6,550
2. Physical inventory for the shoe department was $1,975,000 with a book inventory showing $2,260,000. Net sales for shoes for the year are $6,850,000. Was there a shortage or overage? What is the shortage or overage dollar amount and percentage?
Closing book inventory Physical inventory Shortage/Overage $ Shortage or Overage list below
$2,260,000 $1,975,000
Shortage $ Net sales $ Shortage %
$0 $6,850,000
3. Find the shortage or overage percentage using the following data:
Opening inventory (retail) $1,404,000
Net sales $442,000
Vendor returns $4,000
Transfers to branches $8,000
Employee discounts $1,000
Purchases (at retail) $495,000
Markdowns $146,000
Closing physical inventory $1,287,000
Yearly net sales $2,875,000
Additions Retail $ Reductions Retail $
Purchases $495,000 Net sales $442,000
Returns to vendors $4,000
Markdowns $146,000
Employee Disc. $1,000
Transfers To $8,000
Totals
Opening Book Inventory $1,404,000
+ Additions
-Reductions
=Closing book inventory
Closing book inventory Physical inventory Shortage/Overage $ Shortage or Overage list below
$0 $1,287,000
Overage $ Net sales $ Overage %
$0 $2,875,000
4. The merchandise plan for fall shows planned sales of $1,135,000, with an estimated shortage of 1.7%. What is the planned dollar shortage for fall? Planned sales $ Planned shortage % Planned shortage $
$1,135,000 1.7%
5. Find the following:
a. January closing book inventory given the following:
January sales $423,000
January markdowns $140,000
January receipts $230,000
January BOM $2,861,000
b. A physical inventory was taken and the actual inventory is $2,400,000. Is there a shortage or overage, and by how much in dollars?
c. If the yearly net sales are $5,600,000, what is the shortage or overage %?

a. Additions Retail $ Reductions Retail $
Purchases $230,000 Net sales $423,000
Markdowns $140,000
Total $230,000
Opening Book Inventory $2,861,000
+ Additions $230,000
-Reductions $0
=Closing book inventory
b. Closing book inventory Physical inventory Shortage/Overage $ Shortage or Overage list below
$0 $2,400,000
c. Shortage $ Net sales $ Shortage %
$0 $5,600,000

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

HTM

instructions attached It is ironic that California, as the state that provides the bulk of the nation’s fresh fruits and vegetables, has such disparity between the haves and have nots. Similarly, it’s also ironic that the hungriest Californians, also suffer from obesity and diabetes. Based on the content from this

Business

instructions and reading attached  1. Please use ChatGPT, Google or other online sources to formulate and ask a question about organizing for collective bargaining. Your question can involve anything from legal aspects, to employer anti-union campaigns etc. Why did you pick this question? What answer did you find and what

Week 8 Discussion- Marketing for Competitiveness

Persuasion and Positive Social Change In this course so far, you have begun to engage with the idea of persuasion as it applies to marketing. In the Week 5 Discussion, you reflected upon a buying experience in which you were persuaded, through marketing efforts, to make a purchase. Now think

Unit

Business Law 431 The Law of Commercial Transactions Unit 2 Assignment Please read each question carefully and draft your answers, making sure to address each part of each question. Upload your answers to the Unit 2 Assignment dropbox on Westernonline. 1 Search online to find examples of the following: a.

purpose and role that each type of financial institution in US economy

   Briefly discuss the purpose and role that each type of financial institution (depositary, contractual, and investment) play in the U.S. economy. How do each of these institutions intersect with the various types of markets, i.e., capital, money, spot (cash), derivatives, Forex and Interbank, primary, and secondary (inclusive of OTC)?

financial management (Ethics)

 Using your Wall Street Journal subscription, select an article about any publicly traded firm that enjoys a large shareholder base. How has the company incorporated ethics into the financial management practices? Discuss what challenges the firm has encountered (or is likely to encounter) and how it has sustained ethical practices

MGMT496

SEE ATTACHED Instructions Write a rationale paper describing the artifacts in the e-portfolio and how they demonstrate skills, knowledge, understanding of theory, professional disposition, real-world application, and mastery of the program objectives.  Word documents should be a minimum of 3 pages in length  not  including a cover/title page

Business Management

Working Together Competencies 304.6.3 : Working with Individuals and Groups The graduate is knowledgeable about strategies for working with individuals and groups in an organization. Introduction There are four key barriers to communication: process barriers, personal barriers, physical barriers, and semantic barriers. Requirements Your submission must represent your original work

Business Management

Managing Innovation 304.4.4 : Managing Innovation The graduate is knowledgeable about managing innovation. Introduction Organizations often try to develop an entrepreneurial culture through a strong orientation toward entrepreneurship. Requirements Your submission must represent your original work and understanding of the course material. Most performance assessment submissions are automatically scanned through

journal

need done by today Supply and Demand Curves Worksheet Data The following graph illustrates a standard supply and demand model, which shows the relationship between price and quantity in a competitive market. Complete the worksheet, using this graph as a reference. Long description: The graph illustrates a standard supply and

7-1 Discussion: Contract Law

 Find a recreation- or sport-related current event related to contract law. Discuss the court’s decision. Applying what you learned in this week’s module, do you agree/disagree with the court’s decision? Justify your answer. 

reading note 6

instructions and reading attached  For section #2 Comparative Insight (7 points) Week 5 Youtube link: 

MGMT496

SEE ATTACHMENTS Share a brief presentation (PowerPoint) of what you have included and intend to include in your e-portfolio.  The presentation should include: (1) a personal profile including career theme (project management, human resource management, etc.), (2) career goal(s), and (3) at least three examples of artifacts that will support

IRB

Please fill out accordingly  2 Saint Leo University Institutional Review Board Application for IRB Review of Proposed Research* You may not begin your study until your IRB application is approved. Upon approval, your application will be open for one year. Applicants checking one or more items marked with an asterisk

Real Estate Appraisal

1. Module 4 Act. Every student needs to go to the three closest retail centers to their place of residence and complete the attached basic property evaluation form. You will have a completed form for each of the centers you visit. Go to each center and safely park to make