SOLUTION: The Knit Shoppe bought 250 sweaters for $3100; 50 sweaters were sold at a markup of 150% of cost and 120 sweaters at a markup of 75% of cost; 60 of the sweaters were sold during a
Algebra.Com
Question 992255: The Knit Shoppe bought 250 sweaters for $3100; 50 sweaters were sold at a markup of 150% of cost and 120 sweaters at a markup of 75% of cost; 60 of the sweaters were sold during a clearance sale for $15 each; and the remaining sweaters were disposed of at 20% below cost. Assume all sweaters had the same cost.
a) What was the amount of markup realized on the purchase?
b) What was the percent markup realized based on cost?
c) What was the gross profit realized based on selling price?
Answers:
a) $2152.40
b) 69.43%
c) 40.98%
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
This is an accounting question. You are on the wrong website to get help with this type of work.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
A store bought a $1000 shipment of sweaters and offered them for sale after a $15 markup... (answered by stanbon)
A store brought a $1000 shipment of sweaters and offered them for sale after a $15 markup (answered by stanbon)
A store began selling its line of fall sweaters. On the first day, 6 cotton, 4 orlon,... (answered by Boreal)
Please please help me with this word problem: Just before Christmas the sweaters were... (answered by rfer)
If 3 sweaters cost $28.02, how much would 7 sweaters cost?The cost of seven sweaters is... (answered by math_helper)
Newman's department store buys sweaters for $22.50 and sells them at a 30% mark up. How... (answered by JulietG)
The manager of a discount clothing store received two shipments of fall clothing. The... (answered by checkley77)
The manager of a discount store received two clothing shipments. The first shipment... (answered by checkley77,doukungfoo)
Simone went to an outlet mall. Sweaters were $5 each, shirts $3, pairs of socks $1. She... (answered by mananth)