SOLUTION: Homeward Hardware buys cat litter for $6 less 20% per bag. The store's overhead is 45% of cost and the owner requires profit of 20% of cost. For how much should the bags be sold

Question 1107772: Homeward Hardware buys cat litter for $6 less 20% per bag. The store's overhead is 45% of cost and the owner requires profit of 20% of cost.
For how much should the bags be sold?
What is the amount of markup included in the selling price?
What is the rate of markup based on selling price?
What is the rate of markup based on cost?
What is the break-even price?
What operating profit or loss is made if a bag is sold for $6?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
6 - 20% = 4.8
OH = 4.8*.45 = 2.16
P = 4.8*.2 = 0.96
Sell at: 4.8 + 2.16 + 0.96 = 7.92
Markup = (2.16 + 0.96)/4.8 = 65%
you do the rest
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