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How much would the average sales ticket have to increase to breakeven if the fixed cost remained the same in 2007 as it was in 2006?
What do you recommend the managers at Hallstead Jewelers do?
Exhibit 1 Hallstead Jewelers; Income Statements for Years Ended January 31 (thousands of dollars)
2003
2004
2006
Sales
$8,583
$8,102
$10,711
Cost of goods sold
4,326
4,132
5,570
Gross margin
$4,257
$3,970
$5,141
Expenses
Selling expense
Salaries
2,021
2,081
3,215
Commissions
429
405
536
Advertising
254
250
257
Administrative expenses
418
425
435
Rent
420
840
Depreciation
84
142
Miscellaneous expenses
53
93
122
Total expenses
$3,679
$3,758
$5,547
Net income
$578
$212
($406)
Exhibit 2 Hallstead Jewelers Operating Statistics
Sales space (square feet)
10,230
15,280
Sales per square foot
$839
$792
$701
Sales tickets
5,341
5,316
6,897
Average sales ticket
$1,607
$1,524
$1,553
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