Full Description
This best-selling textbook meets the needs of students who will be directly or indirectly involved in the activities of merchandising and buying at the retail level. Mathematics for Retail Buying explains the essential concepts, practices, procedures, calculations, and interpretations of figures that relate to producing profitable retail buying and selling operations. Now in its seventh edition, the text has been reorganized and expanded to provide real world examples that reflect current industry practices and trends. A companion CD-ROM, now containing all practice problems from the text, allows hands-on practice computing retail buying functions and setting up formulas in spreadsheet format.
Contents
UNIT I: Analysis of the Basic Sales Elements I. Defining the Basic Sales Elements II. Invoice Mathematics: Terms of Sales III. Evaluating a Buyer UNIT II: Retail Pricing and Repricing of Merchandise I. Retail Pricing II. Basic Markup Equations Used in Buying Decisions III. Repricing of MerchandisePractice Problems for Review UNIT III: Basic Markup Equations Used in Merchandising Decisions I. Types of Markup II. Averaging or Balancing Markup III. Limitations of the Markup Percentage as a Guide to Profits UNIT IV: The Retail Method of Inventory I. Explanation of the Retail Method of Inventory II. General Procedures for Implementing the Retail Method of Inventory III. Shortages and Overages IV. An Evaluation of the Retail Method of Inventory UNIT V: Dollar Planning and Control I. Six-Month Seasonal Dollar Merchandise Plan II. Open-to-Buy Control UNIT VI: Merchandising for a Profit I. Profit Components II. Profit and Loss Statements III. How to Increase Profits
