6. Fashion Master purchased men's sweaters for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of regular selling price. The sweaters were reduced to 45.90 for the store's Boxing Day Blowout. a. What was the rate of markdown for the sale (discounted Price)? b. What was the profit or loss on each sweater at the sale price? c. At the sale price (discounted price), what was the rate of markup on cost?

6. Fashion Master purchased men's sweaters for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of regular selling price. The sweaters were reduced to 45.90 for the store's Boxing Day Blowout. a. What was the rate of markdown for the sale (discounted Price)? b. What was the profit or loss on each sweater at the sale price? c. At the sale price (discounted price), what was the rate of markup on cost?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Somar Fashions purchases T-shirts for $22 less 28%. During a promotion, Somar Fashions sold the T-shirts at a reduced or sale price of $17.25. Overhead exnenses were 7% of the regular selling price of a T-shirt. a) If the store's markup was $5.76, what was the rate of markdown? b) What was the profit or loss made per T-Shirt during the sale? (- Paragraph BIUA + ... a) If the store's markup was $5.76, what was the rate of markdown? Optional Merchandising Calculation Table Rate on Amount Rate on S
2. An appliance store sold GS coffeemakers for $22.95 during a promotional sale. The store bought the coffeemakers for $36 less 40%, 15%. Overhead is 25% of the regular selling price. (a) If the store's markup is 40% of the regular selling price, what was the rate of markdown? (b) What operating profit or loss was made during the sale? (c) What rate of markup based on cost was realized? (a) The rate of markdown is %. (Round to two decimal places as needed.) (b) The operating (1). (Round to the nearest cent as needed.) made during the sale was $ (c) The rate of markup based on cost is (Round to two decimal places as needed.) %. (1) O loss O profit
1 A clothing store buys sweaters for $48.00 less 47% for buying over 50 pairs, and less a further 11% for buying last season's style. The sweaters are then marked up to cover overhead expenses of 1 40% of cost and a profit of 29-% of cost. 4 (a) What is the regular selling price of the sweaters? (b) What is the maximum amount of markdown to break even? (c) What is the rate of markdown if the sweaters are sold at the break-even price? (a) The selling price is $38.20 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.). (b) The amount of the markdown to break even is (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A sports store purchased tennis racquets for $46.45 less 27% for purchasing more than 100 items, and a further 31% was reduced for purchasing the racquets in October. The racquets were sold to customers for $67.64. (a) What is the cost of each racquet? (b) What is the markup as a percent of cost? (c) What is the markup as a percent of selling price? (a) The cost of each racquet is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The markup as a percent of cost is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) (c) The markup as a percent of selling price is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
A sports store purchased tennis racquets for $79.16 less 37% for purchasing more than 100 items, and a further 39% was reduced for purchasing the racquets in October. The racquets were sold to customers for $68.71. (a) What is the cost of each racquet? (b) What is the markup as a percent of cost? (c) What is the markup as a percent of selling price? (a) The cost of each racquet is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
An appliance store sold GS coffeemakers for $22.95 during a promotional sale. The store bought the coffeemakers for $36 less 40%, 15%. Overhead is 25% of the regular selling price (a) (b) If the store's miarkup is 40% of the regular selling price, what was the rate of markdown? What operating profit or loss was made during the sale? What rate of markup based on cost was realized? (c) (a) The rate of markdown is%. (Round to two decimal places as needed.) (b) The operating made during the sale was S (Round to the nearest cent as needed.) (c) The rate of markup based on cost is %. (Round to two decimal places as needed.)
S=1
FootWorks purchases shoes for $28 each pair and sells them at a regular price of $44 each pair. a. If the profit made is $5.25 per pair, what is the overhead expense per pair? Round to the nearest cent b. If the markdown offered during a Boxing Week sale is 20.00%, what is the reduced selling price? Round to the nearest cent c. What is the profit or loss made on the sale of each pair during the Boxing Week sale? Nail & Hammer Shack purchased 236 table fans of a particular make. The unit cost was $26.50 and the regular selling price was $53.00 each. The store sold 130 of them at the regular selling price. During a sale, it sold another 45 of them at markdown of 21.00%. The remaining units were sold at an additional markdown of 15.00% on the original price. What is the net rate of markup based on total cost?
A clothing store buys scarves for $22.00 less 27% for buying over 50 pairs, and less a further 24% for buying last season's style. The scarves are then marked up to cover overhead expenses of 27% of cost and a profit of 25% of cost. (a) What is the regular selling price of the scarves? (b) What is the maximum amount of markdown to break even? (c) What is the rate of markdown if the scarves are sold at the break-even price? (a) The selling price is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The amount of the markdown to break even is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The rate of markdown to break even is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
P.nilesh
2