SOLUTION: The Pottery bought 600 pans auctioned off for $4950. This means that each pan has the same cost. On inspection, the pans were classified as normal quality, seconds, or substandard.

Question 992274: The Pottery bought 600 pans auctioned off for $4950. This means that each pan has the same cost. On inspection, the pans were classified as normal quality, seconds, or substandard. The 360 normal-quality pans were sold at a markup of 80% of cost, the 190 pans classified as seconds were sold at a markup of 20% of cost, and the remaining pans classified as substandard were sold at 20% below their cost.
a) What was the unit price at which each of the three classifications was sold?
b) If overhead is 33.33.....% of cost, what was the amount of profit realized on the purchase?
c) What was the average rate of markup based on the selling price at which the pans were sold?
Answers:
a) $14.85; $9.90; $6.60
b) $957.00
c) 34.4978%
Show all steps please!
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

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