What was the markup percentage? A bicycle store purchased 5 bicycles for a total costof $4,500 (5 × $900 each). The store sold eachbicycle for $1,200.What was the markup percentage?a) 28%b) 30%c) 32%d) 33%e) 35%

Let's solve this step by step:Cost price per bicycle = $900Selling price per bicycle = $1,200Profit…

Answered: A bicycle store purchased 5 bicycles…

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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A bicycle store purchased 5 bicycles for a total cost of $4,500 (5 × $900 each). The store sold each bicycle for $1,200. What was the markup percentage? a) 28% b) 30% c) 32% d) 33% e) 35%