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
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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):
