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Assignment 1: Bailey's Menswear Big and Tall Task Create a P&L statement for a buyer of Bailey's Menswear Big and Tall in lower Manhattan. He has achieved a planned initial markup percentage of 48.5 percent on sales of $655,500 in June. The markdowns amounted to $15,450 and expenses were fixed at $285,000. The combination of these factors has resulted in a profit of 2.7 percent for the month of June. However toward the end of the month, sales begin to drop and the buyer becomes anxious about Jul
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  Assignment 1: Bailey's Menswear Big and Tall   Task   Create a P&L statement for a buyer of Bailey's Menswear Big and Tall in lower Manhattan. He has achieved a planned initial markup percentage of 48.5 percent on sales of $655,500 in June. The markdowns amounted to $15,450 and expenses were fixed at $285,000. The combination of these factors has resulted in a profit of 2.7 percent for the month of June. However toward the end of the month, sales begin to drop and the buyer becomes anxious about July sales slacking off even further. Create another P&L statement to calculate the effect on the net profit if sales slack off 8 percent and the buyer maintains the same MU% and his expenses are fixed at the June level. Complete these two P&L statements both in dollars and percentages, and discuss the effect that the drop in sales will have on the net profit. What plan of action would you suggest to boost lagging sales before the month of July begins? Deliverable  Use the given template to document your responses and submit it to the W5: Assignment 1 Dropbox  by Saturday, September 21, 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 23, 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 completed a P&L statement, with all fields in dollars and percentages, for the month of June. 10  Correctly completed a P&L statement, with all fields in dollars and percentages, to calculate the effect of low sales on the net profit. 10 Discussed the effect of drop in sales on the net profit. 10 Suggested a plan of action to boost lagging sales before July  begins. 10 Format  Used the given template to document responses and submitted it to the W5: Assignment 1 Dropbox  by Saturday, September 21, 2013 . Used the provided Word or Excel template. 5 Participation   Commented on at least two peers’ assignments with specific remarks within 48 hours of the assignment deadline  —  Monday, September 23, 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. 5 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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