5. On July 1, the housewares department showed an opening inventory of $90,000 at retail with a 54% markup. During July, purchases were received in the amount of $40,000 at cost and were marked up 51%. Find the cumulative markup percent.
5. On July 1, the housewares department showed an opening inventory of $90,000 at retail with a 54% markup. During July, purchases were received in the amount of $40,000 at cost and were marked up 51%. Find the cumulative markup percent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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