Category: Retail
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Inventory Management – Specific Identification Method
There are several methods used to manage and track inventory in retail. One of the most accurate inventory management tools is the specific identification method.
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Point of Sale System – Introduction
Almost all retail based operations require a Point of Sale (POS) System to properly record the customer and product activity. What is a Point of Sale System?
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How are Cost of Goods Sold in Retail Determined?
Each industry is different in determining costs of goods sold or cost of services rendered. Retail uses two distinct methods to calculate costs of goods sold. The first is called ‘Specific Identification’ whereby each item sold is specifically identified to its recorded cost. The second method is referred to as ‘Inventory Adjustment’ format. In this method,…
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What is the Difference between Markup and Margin?
It is amazing how one simple formula can be so confusing to the average business owner. The formula is markup. It is defined as the dollar amount or percentage of the cost of the item added to the item to equal its sales price.
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Retail Sales: There Are No Rules
First rule: THERE ARE NO RULES! Second rule: WHEN IN DOUBT, REFER TO THE FIRST RULE.