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Full Description
Mathematics for Retail Buying, Ninth Edition, introduces merchandising and retailing students to the most important concepts in retail math through step-by-step examples with practice problems and solutions. Coverage begins with the skeletal profit and loss statement, and moves through retail pricing and repricing of merchandise, markups, markdowns, the retail method of inventory, six-month, and assortment planning. This new edition introduces a practical approach that incorporates actual retail scenarios and concepts that are relevant to the fashion industry today. There is also a focus on mathematical factors that affects the gross margin and profitability, key to the success of any merchandise buyer or planner.
New to this Edition
· Updated mathematical practice problems with selected answers in the back of the book for review
· Updated case studies reflect realistic and practical merchandising situations
· Thoroughly updated and revised text to reflect most common practices in the field
Mathematics for Retail Buying STUDIO
-Study smarter with self-quizzes featuring scored results and personalized study tips
-Review concepts with flashcards of terms and definitions and key formulas
-Practice your skills by computing Practice Problems from the text, available digitally with formulas embedded in the Excel spreadsheets
-Enhance your knowledge with additional real-world case studies and activities for each chapter
Contents
Preface
Introduction
Quick Tips for Setting Up Your Computer Spreadsheet
Chapter 1: Merchandising for a Profit
1.1. Profit Components
1.2. Profit and Loss Statements
1.3. How to Increase Profits
Chapter 2: Retail Pricing and Repricing of Merchandise
2.1. Retail Pricing and Pricing Strategies
2.2. Basic Markup Equations Used in Buying Decisions
2.3. Repricing of Merchandise/Markdowns
2.4. Point-Of-Sale (POS) and Permanent (Physical) Markdowns
2.5. Analytical Criteria for Taking Markdowns
Chapter 3: Basic Markup Equations Used in Merchandising Decisions
3.1. Types of Markups
3.2. Averaging or Balancing Markup
3.3. Limitations of the Markup Percentage as a Guide to Profits
Chapter 4: The Retail Method of Inventory
4.1. Explanation of the Retail Method of Inventory
4.2. General Procedures for Implementing the Retail Method of Inventory
4.3. Shortages and Overages
4.4. An Evaluation of the Retail Method of Inventory
Chapter 5: Six-Month Planning and Components
5.1. Planning Net Sales
5.2. Turnover/GMROI
5.3. Stock/Inventory Planning Methods
5.4. Open-to-Buy and Purchase/Receipt Planning
5.5. Open-to-Buy Control
5.6. Six-Month Seasonal Dollar Merchandise Plan
5.7. Assortment/Classification Planning
Chapter 6: Invoice Mathematics/Terms of Sale
6.1. Invoice Mathematics: Terms of Sales
Glossary of Concept Formulas
Glossary of Terms
Selected Answers
Index
