Mathematics for Retail Buying

by Tepper, Bette K.

• ISBN13: 9781501310232
• ISBN10: 1501310232
• Edition: 7th
• Format: Paperback
• Copyright: 2013-07-31
• Publisher: Fairchild Books

Summary

This best-selling textbook meets the needs of students who will be directly or indirectly involved in the activities of merchandising and buying at the retail level. Mathematics for Retail Buying explains the essential concepts, practices, procedures, calculations, and interpretations of figures that relate to producing profitable retail buying and selling operations. Now in its seventh edition, the text has been reorganized and expanded to provide real world examples that reflect current industry practices and trends. A companion CD-ROM, now containing all practice problems from the text, allows hands-on practice computing retail buying functions and setting up formulas in spreadsheet format.

Author Biography

Bette K. Tepper is a former faculty member of the Fashion Management Department at the Fashion Institute of Technology (FIT), USA, where she taught for more than 30 years, and served as Assistant Chairperson of Marketing Fashion and Related Industries Department.

Table of Contents

UNIT I: Analysis of the Basic Sales Elements
I. Defining the Basic Sales Elements
II. Invoice Mathematics: Terms of Sales
III. Evaluating a Buyer

UNIT II: Retail Pricing and Repricing of Merchandise
I. Retail Pricing
II. Basic Markup Equations Used in Buying Decisions
III. Repricing of MerchandisePractice Problems for Review

UNIT III: Basic Markup Equations Used in Merchandising Decisions
I. Types of Markup
II. Averaging or Balancing Markup
III. Limitations of the Markup Percentage as a Guide to Profits

UNIT IV: The Retail Method of Inventory
I. Explanation of the Retail Method of Inventory
II. General Procedures for Implementing the Retail Method of Inventory
III. Shortages and Overages
IV. An Evaluation of the Retail Method of Inventory

UNIT V: Dollar Planning and Control
I. Six-Month Seasonal Dollar Merchandise Plan
II. Open-to-Buy Control

UNIT VI: Merchandising for a Profit
I. Profit Components
II. Profit and Loss Statements
III. How to Increase Profits