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You are on page 1of 31

SELLING FASHION

5.03 Perform various

mathematical calculations

in retail sales.

Convert fractions to percents.

Divide the numerator of the

fraction by the denominator.

Example: = 1 2 = .50 = 50%

(cont.)

Move the decimal point two

places to the left.

Example: 60% = .60

(cont.)

Move the decimal point two

places to the right.

Example: .63 = 63%

and Close a Cash Drawer

1. Verify the opening change fund to

determine that the amount of

money actually provided for the

cash till at the beginning of the

day is equal to the amount

designated for the given days

activity.

Change fund: Coins and currency

designated for use in opening the

register for a given days activity.

Till: The cash drawer of a cash

register.

Before making any sales for the

day

Count the change fund.

Compare the actual change

fund with the amount

designated for the day.

Follow company procedures to

record the result and to correct

any difference before making

sales.

and Close a Cash Drawer

(cont.)

Complete this process at the end of

the day.

Count the cash (including checks)

actually in the drawer.

Complete a closing balance report.

Opening change fund plus cash

received from sales minus cash paid

out should equal actual cash in the

drawer at the end of the day.

Differences are recorded as cash short

or cash over on the balance report.

Transactions

1. Determine the total due from

the customer.

item purchased to determine

a subtotal.

Calculate sales tax and add to

subtotal.

usually a percentage of the

total sale, which is added to

the retail price of goods paid

by the final user.

Transactions (cont.)

1. Determine the total due from

the customer. (cont.)

Formulas

rate = Total sales tax

Subtotal of purchase + Total

sales tax = Amount due from the

customer

Transactions (cont.)

2. Announce the amount of the

sale.

3. Announce the amount the

customer submits for

payment (also referred to as

the amount tendered).

Transactions (cont.)

4. Make change as necessary.

displays the amount of change to

be given to customer, the amount

of purchase and the amount

tendered by the customer are

stated and then change displayed

by the register is counted back to

customer beginning with the

largest denomination.

Transactions (cont.)

4. Make change as necessary.

all) are used, the amount of

purchase is stated, and change is

returned and counted up to the

amount tendered by customer

beginning with the smallest

denomination.

Always place the money received

from the customer on the cash

drawer ledge until the transaction

is completed.

Transactions (cont.)

4. Make change as necessary.

(cont.)

as you remove it from the till.

Using the automatic method

(when cash register computes

and displays the amount to be

returned), count change silently

to yourself beginning with the

largest bill and counting up to

the amount of the change to be

returned.

Transactions (cont.)

4. Make change as necessary.

(cont.)

the cash register used does not

automatically compute and

display the amount to be

returned), count change silently

to yourself beginning with the

smallest coin and counting from

the total amount of the sale up to

the amount tendered by the

customer.

Transactions (cont.)

4. Make change as necessary.

(cont.)

customer using the same

method used in counting from

the till.

Place the money from the cash

drawer ledge into the till.

Cost (Cost of merchandise

sold): The amount a retailer

pays the supplier for an item

for resale.

Reflects wholesale price, vendor

discounts/allowances, and

transportation charges

Represents a major outlay of

money for the retailer

(cont.)

reduction in retail price given

to employees at the time of a

sales transaction.

Discounts entice employees to

buy the product they sell.

Typical discounts granted to

entry-level employees range

from 10% to 30%.

Extension: The result of

multiplying the number of

units by the cost per unit.

Final selling price: The price

at which merchandise

ultimately sells after all

markups and/or markdowns

are taken.

(cont.)

minus cost of merchandise

sold.

Gross sales: Total revenue

from sales before considering

returns, allowances, or

adjustments.

Retail Sales

Terms (cont.)

Initial markup: The difference

between merchandise cost and

the selling price originally

placed on the merchandise.

Keystone markup: A markup

equal to the cost of the

merchandise.

Keystoning: Doubling the cost

of the merchandise to arrive at

the retail price.

Retail Sales

Terms (cont.)

Maintained markup: The difference

between the total cost of the

merchandise and its final selling

price.

Must be high enough to cover expenses

and desired profit if the business is to be

successful

stimulate sales, dispose of slow

moving/discontinued merchandise,

meet competitors prices, and

increase customer traffic.

The most common type of retail price

change

(cont.)

of goods to reach a selling price.

Net profit: Gross profit minus total

operating expenses.

Net sales: The revenue generated from

sales minus sales returns and

allowances.

Retail Price: The price the customer

pays for the merchandise.

Sales income: The revenue generated

from sales minus sales returns and

allowances.

Basic Markup

Calculations

When cost and dollar markup are

known

Retail Price (RP) = Cost (C) + Markup (MU)

Example:

Retail Price (RP)=$55.00 (C) + $45.00 (MU)

Retail Price (RP) = $100.00

Basic Markup

Calculations (cont.)

When retail price and markup are

known

Cost (C) = Retail Price (RP) Markup (MU)

Example:

Cost (C) = $100.00 (RP) - $45.00 (MU)

Cost (C) = $55.00

Basic Markup

Calculations (cont.)

When retail price and cost are

known

Markup (MU) = Retail Price (RP) Cost (C)

Example:

Markup (MU) = $100.00 (RP) - $55.00 (C)

Markup (MU) = $45.00

Basic Markup

Calculations (cont.)

Markup percent based on retail

price

Used by most department and fashion

specialty stores

Markup % (MU%) = Markup (MU)

Retail Price (RP)

Example:

Markup % (MU%) = [$200 (RP) - $105 (C)]

$200 (RP)

Markup % (MU%) = $95 (MU) $200 (RP)

Markup % (MU%) = .475 or 47.5%

Basic Markup

Calculations (cont.)

Markup percent based on cost

Used by some small businesses

Markup % (MU%) = Markup (MU)

Cost (C)

Example:

Markup % (MU%) = [$210 (RP) - $120 (C)]

$120 (C)

Markup % (MU%) = $90 (MU) $120 (C)

Markup % (MU%) = .75 or 75%

Down Retail Price

Buying errors

Pricing errors

Special sales

Broken assortments

Reduction of goods

in stock

Calculate Markdown

Markdown (MD) = Retail Price (RP) X

Markdown percentage (MD%)

Example:

Markdown (MD)=$195.00 (RP) X 30%

(MD%)

Markdown (MD) = $58.50

The New Retail Price (after a

markdown is taken) = Original

retail price (RP) Markdown (MD)

Example:

New Retail Price (RP) = $195 (RP) $58.50 (MD)

New Retail Price (RP) = $136.50

Markdown Percentage

Usually calculated for a specific period of

time

Expressed as a percentage of net sales,

which cannot be calculated until the

merchandise is sold

Used in planning and forecasting

Markdown % (MD%) = Dollar Markdown

(DMD) Net Sales (NS)

Example:

Markdown % (MD%) = $10,000 (DMD)

$550,000 (NS)

Markdown % = .01818 or 1.8%

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