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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.

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)
8. Recommend three justified strategies to improve sales in July. (6 marks)

(Total Marks Available: 20)

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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