SOLUTION: A store purchased 70 toolboxes for a total cost of $912. It sold 45 of these toolboxes for $18 each, 10 for $15 and 15 for $12 each. How much gross profit was made on the entire tr

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Question 953837: A store purchased 70 toolboxes for a total cost of $912. It sold 45 of these toolboxes for $18 each, 10 for $15 and 15 for $12 each. How much gross profit was made on the entire transaction? What percent of cost was the markup? What percent of selling was the markup?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A store purchased 70 toolboxes for a total cost of $912. It sold 45 of these toolboxes for $18 each, 10 for $15 and 15 for $12 each. How much gross profit was made on the entire transaction? What percent of cost was the markup? What percent of selling was the markup?
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Revenue = 45*18 + 10*15 + 15*12 = 1140
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Profit = 1140-912 = 228
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Profit Percent markup = 228/912 = 25%
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Selling Percent markup = 1140/912 = 125%
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Cheers,
Stan H.