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For the six-month period ending in January, your department showed the following figures:
Opening inventory (retail) $1,262,000
Customer returns $10,000
Returns to vendor $6,200
Employee discounts $3,800
Net sales $910,000
Retail purchases $870,000
Markdowns 60%
Transfers in $5,100
Transfers out $4,000
Physical inventory $638,000
Yearly net sales $1,654,000
Determine the overage or shortage in percentage.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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