OPERATIONS: ( from exh 2)
Wholesale
 OLS
a
 Revenue
35
50
b
Markdown
(3)
(5)
c
Net
32
45
d
Costs:
e
Cotton
5
5
f
Manufacturing conversion
5
5
g
Distribution
9
10
h
COGS
19
20
i
Gross Margin
32 – 19 = 13
45 – 20 = 25
j
SG & A
9
19
k
PBT
4
6
INVESTMENTS :
