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.
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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%
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