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What was the shortage in percentage

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Question - A costume jewelry department showed the following figures for a year:

Net Sales $125,000

Purchases (at retail) 105,000

Opening retail inventory (Feb. 1) 464,000

Markdowns 40,000

Employee discounts 2,600

Physical count (July 31) 397,000

Required -

a. What was the shortage in dollars?

b. What was the shortage in percentage?

c. If the planned shortage was estimated at 2.5%, was the actual shortage more or less? By how much in dollars? In percentage?

Reference no: EM132527208

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