a) There are 30 pairs of boots and each pair was bought at a price of $25.00 The total cost is:
`C = 30*$25.00 =$750.00`
b) The initial price to sell of a pair of boots is $36.00 The discount is 26%. The sale price for a pair of boots...
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a) There are 30 pairs of boots and each pair was bought at a price of $25.00 The total cost is:
`C = 30*$25.00 =$750.00`
b) The initial price to sell of a pair of boots is $36.00 The discount is 26%. The sale price for a pair of boots is:
`S = (100%-26%)*$36 =74%*$36 =74/100*$36 =$26.64`
c) The total markdown is the difference between the initial price to sell and the sell price:
`M =$36.00-$26.64 =$9.36`
d) There were sold 20 pairs of boots at a price of $36.00 and 10 pairs of boots at a price of $26.64 The total sales is
`TS = 20*36.00 +10*26.64 = $986.40`
e) The effective markup is the difference between the total selling price and the total cost:
`EM =$986.40-$750.00 =$236.40`
The effective markup rate is the effective markup reported to the cost.
`EMR = 236.40/750.00 =0.3152 =31.52/100= 31.52%`