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QUESTION
April gross sales (GS) $353,687 April customer returns and allowances % (CRA%) 3.6% April markup % (MU%) 58.5% May GS$ $184,059 May CRA$ $12,000 May...
April gross sales (GS)
$353,687
April customer returns and allowances % (CRA%)
3.6%
April markup % (MU%)
58.5%
May GS$
$184,059
May CRA$
$12,000
May MU%
40.7%
June GS$
$148,052
June CRA$
$2,200
June COGS%
32.5%
Operating expenses remain the same.
This week, perform the following activities.
- Complete the skeletal P&L statement for the spring quarter.
- Which month on the spring skeletal P&L statement attained the highest MU%? Why?
- Compare CRA% for June vs. April. Explain the cause of difference between the two values.
- What would you suggest to Julie and Tracy for the summer quarter, to correct the situation seen in the spring skeletal P&L statement? Calculate and present data to support your suggestion assuming a 5.5% decrease in operating expenses and an 8.6% increase in net sales.
