If an accessory department shows a gross margin of 53 percent and retail reductions amounting to 16 percent, what is the initial markup%?
I have calculate:
IMU%= (53% + 16%) / (100% + 431.25)
IMU% = 431.25% / 123.18%
IMU% = 350.09% x 100%
IMU%= 350.09 is the answer correct?