SOLUTION: The Tipps spent $142,000 on merchandise for their shoe store. They estimated their overhead to be 60% of their cost of merchandise. They made a net profit of $16,350. What were

SOLUTION: The Tipps spent $142,000 on merchandise for their shoe store. They estimated their overhead to be 60% of their cost of merchandise. They made a net profit of $16,350. What were

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Question 1172523: The Tipps spent $142,000 on merchandise for their shoe store. They estimated their overhead to be 60% of their cost of merchandise. They made a net profit of $16,350. What were their net sales?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The overhead is $142000*0.6=$85,200
Their expenses are the sum of the two or $227,200
Their net profit of $16,350 means their net sales were $243,550
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