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W4_Assignment 1.docx

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Assignment 1: Calculate Markups Task Calculate the answers to the following scenarios. Show step-by-step calculations starting with application of formula to arrive at the answer. Scenario 1 If an accessory department shows a gross margin of 53 percent and retail reductions amounting to 16 percent, what is the initial markup%? Scenario 2 Determine the initial markup percent based on the following projection figures for a menswear department. Net Sales Profit Expenses Shortages Alteration Costs C
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  Assignment 1: Calculate Markups   Task   Calculate the answers to the following scenarios. Show step-by-step calculations starting with application of formula to arrive at the answer. Scenario 1  If an accessory department shows a gross margin of 53 percent and retail reductions amounting to 16 percent, what is the initial markup%? Scenario 2  Determine the initial markup percent based on the following projection figures for a menswear department. Net Sales   $21,000 Profit $2,300 Expenses $7,500 Shortages $300  Alteration Costs $150 Cash Discounts $280 Scenario 3  What initial markup percentage will be required to achieve a 4.25 percent profit based on the following projections for a teens-wear department? Expenses   42.0% Markdowns   2.8% Stock Shortages   1.0% Employee Discounts   0.5% Cash Discounts 0.3%  Alteration Costs 0.2% Deliverable  Use the given template to document your responses and submit it to the W4: Assignment 1 Dropbox  by Saturday, September 14, 2013 . You can use the Word or Excel template depending on your comfort  —you’ll be graded on the calculations and not on the choice of template. Participation    Start reviewing and responding to your classmates as early in the week as possible. Continue the discussion through the end of the week. By Monday, September 16, 2013 , review and respond to at least two of your classmates' work, providing constructive feedback, suggestions, questions, and additional helpful information. Each peer response should be a minimum of 150 words. Information, comments, and conclusions should be supported by your research and sources. Keep the following in mind when you are responding to your peers:    Did they discuss any thoughts that you had not considered?    What did you learn from their post? Grading Scale for Assignment Criteria:   Excellent   Good   Moderate   Needs Improvement   Below Standard   Unacceptable  5 Points 4.5 4 3.5 3 0  –  2 Points Excellent   Good   Moderate   Needs Improvement   Below Standard   Unacceptable  10 Points 8.5 8 6.5 6 0  –  4 Points Excellent   Good   Moderate   Needs Improvement   Below Standard   Unacceptable  15 Points 12.5 12 9.5 9 0  –  6 Points Excellent   Good   Moderate   Needs Improvement   Below Standard   Unacceptable  20 Points 16.5 16 12.5 12 0  –  8 Points Assignment 1 Grading Criteria   Maximum Points   Content  Correctly calculated initial markup% for accessory department. 10  Correctly calculated initial markup% for menswear department. 10 Calculated initial markup% for teens-wear department. 10 Demonstrated step-by-step calculations for all scenarios. 10 Format  Used the given template to document responses and submitted it to the W4: Assignment 1 Dropbox  by Saturday, September 14, 2013 . Used the provided Word or Excel template. 5 Participation   Commented on at least two peers’ assignments with specific 5  remarks within 48 hours of the assignment deadline  —  Monday, September 16, 2013  —  at least 150 words for each response. Comments included at least two of the following:    Questions regarding the content of assignment.    Observations regarding the content of assignment.    Constructive feedback to assist classmates with improving their work. Vocabulary and topics from the text/lecture should be used to support your discussion, and sources should be cited in MLA format. Total:   50   For assistance with any problems you may have when completing this assignment — OR — to offer your assistance to classmates, please use the Problems and Solutions Discussion area located through the left side navigation link.
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