Course Description:

This course provides a comprehensive overview of contemporary inventory control systems and sales record management. Key topics include the retail inventory method, operating statements, planning techniques, and calculating mark-ups, markdowns, open-to-buy, and sales terms. It introduces students to the essential mathematical concepts, techniques, and analyses fundamental to the buying and planning process. The curriculum covers the entire retail process, from procuring goods from manufacturers to distributing and selling them to consumers. Using mathematical problems and interactive learning techniques, students will learn how retailers maximize return on investment by planning sales and inventory to enhance profitability. The course emphasizes the importance of maximizing sales potential and minimizing losses from markdowns and stockouts.