SOLUTION: A farmer's market has purchased 60 pumpkins for a total cost of $240.00. They expect that 20% of these pumpkins will remain unsold and that another eight will have to be sold at c

Question 56728: A farmer's market has purchased 60 pumpkins for a total cost of $240.00. They expect that 20% of these pumpkins will remain unsold and that another eight will have to be sold at cost. If they wish to earn 30% gross profit on cost, what should be the selling price of the pumpkins?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A farmer's market has purchased 60 pumpkins for a total cost of $240.00. They expect that 20% of these pumpkins will remain unsold and that another eight will have to be sold at cost. If they wish to earn 30% gross profit on cost, what should be the selling price of the pumpkins?

60 - .20(60) = 48 pumpkins are sold
:
8 are sold at cost: 8*240/60 = $32
:
48 - 8 = 40 are sold at a profit
:
30% profit: 1.3*240 = $312 has to be obtained from the total sales
:
$32 received from the 8 pumpkins sold at cost>
:
312 - 32 = $280 has to be obtained from the remaining 40 pumpkins
:
280/40 = $7 for each pumpkin

RELATED QUESTIONS
You have jumbo pumpkins worth $9 each and small pumpkins worth $4 each. You have a total... (answered by solver91311)

A pumpkin farm charges a fixed amount for the first three pumpkins purchased and an extra (answered by nshah11)

Anna's farm picked a total of 310 pumpkins. Anna separated the pumpkins into small and... (answered by Fombitz)

Laura Shawhan has a pumpkin patch with 12 rows of pumpkin plants. There are 8 rows? with (answered by ewatrrr)

A total of 310 pumpkins were picked, separated by large and small. Large sold for $9.00... (answered by AJHunter)

A vegetable stand sells pumpkins for $5 each and squashes for $3 each . One day they sell (answered by josgarithmetic,MathTherapy)

A market gardener is preparing a report for her seed supplier. She wants to include... (answered by stanbon)

Use a calculator to solve the problem. Laura Shawhan has a pumpkin patch with 13 rows of... (answered by checkley77)

Joel Killmer has a pumpkin patch with 9 rows of pumpkin plants. There are 5 rows with... (answered by rfer)