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Question: 3 you are the buyer for a large retail chain...

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3.         You are the buyer for a large retail chain. You need to calculate your gross margin. You have the following information available:

Purchases at retail                               $546,843

Purchases at cost                                 324,756

Markdowns                                                      151,324

Employee discounts                                33,456

Freight                                                                               4,521

Shortage                                                                1,346

Cash discounts                                          5,678

Sales                                                                  359,818

Alterations                                                   342

Senior citizen discount                    899

What is the total gross margin?

4.         Repeat exercise three; however, calculate the gross margin using percentages.

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