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Lamar Ltd is an independent retail shop which sells Benetton branded products in London. The following data has been extracted from their sales records during May 2020.

Statistics Management Assignment

May 2020

This assessment covers LO 3 (Apply statistical methods in business planning).

There are two separate tasks in this assessment.  

Task 1

Lamar Ltd is an independent retail shop which sells Benetton branded products in London. The following data has been extracted from their sales records during May 2020. You need to analyse the data further to improve decision making in the area of discounts offered and stocks.

Short
Description

Last
Buy Date

Quantity
Stock
Sold

Quantity
On Hand

Cost Value of Stock Sold

Potential
(RRP)
Value of Stock Sold

Value
Sold Nett

Benetton Perfume

31/05/20

37

96

279.9

602.5

493.8

Benetton Footwear

31/05/20

85

219

421.1

747.0

612.6

Benetton Nightwear

31/05/20

285

675

1,143.6

2,850.0

2,361.6

Benetton ACTIVEWEAR

31/05/20

53

150

276.8

675.0

557.5

Benetton Synthetic Bags

31/05/20

1,802

3,602

17,853.4

48,754.3

39,499.2

Sunglasses

31/05/20

3

9

48.0

85.0

64.6


Required:

  1. Calculate the cost per unit for each product? (2 marks)
  2. Calculate the actual selling price per unit for all products? (2 marks)
  3. Calculate the profit margin for each product? (2 marks)
  4. Calculate the recommended retail price (RRP) for each product? (2 marks)
  5. Calculate the overall discount rate given in May based on the RRP? (2 marks)
  6. Identify three products that are being sold most quickly in May 2020? (2 marks)
  7. Calculate the grand total profit for all products? (2 marks)
  8. Recommend three justified strategies to improve sales in July. (6 marks)

 (Total Marks Available: 20)

Task 2

Norman Ltd print posters for which they buy paper on rolls.  Each roll costs £90. Each week, 115 rolls are used; the company operates every week of the year. Each time an order for more rolls of paper is placed, it costs the company £70.00, and the estimated cost of storing one roll per annum is 45% of the purchase price. 

Required:  Determine the Economic Order Quantity (EOQ) level when ordering inventory/stocks. (5 marks)

(Total Marks Available: 5)

Economic order quantity (EOQ) Formula

D = annual demand in units

Co = fixed cost per order

CH = cost of holding one unit for one year

Q = number of units ordered


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