unit 7, clothing Flashcards
a reduction in the list price
discount
how is the rate of discount expressed
as a percent or fraction
formula for percent of discount
amount of discount over list price
price paid for an item
cost
price received for an item
selling price
the excess of the selling price over cost
gross proft
is excess of the selling price over the cost plus overhead
net profit
includes expenses
overhead
a summary of the records of profit and loss for a business
operating statement
found by subtracting the total amount for the merchandise returned and the allowances made for damaged merchandise from the gross sales
net sales
found by subtracting the cost of the goods from the net sales
gross profit
is given as a percent
markup on cost
formula for markup on cost
gross profit over cost of goods sold
the cost of the merchandise to the customer is called the:
retail price
formula for markup on retail
gross profit over retail price
