A clothing merchant purchases a shipment of clothes for $35,000.00 with discounts of 11.00% and 5.00%. He sells it to a customer at a price which includes 22.00% profit on selling price and overhead expenses of 25.00% on selling price. a. How much did it cost him to purchase the container of clothes? Round to the nearest cent b. What was the selling price of the container of clothes? Round to the nearest cent

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A clothing merchant purchases a shipment of clothes for $35,000.00 with discounts of
11.00% and 5.00%. He sells it to a customer at a price which includes 22.00% profit on
selling price and overhead expenses of 25.00% on selling price.
a. How much did it cost him to purchase the container of clothes?
Round to the nearest cent
b. What was the selling price of the container of clothes?
Round to the nearest cent
Transcribed Image Text:A clothing merchant purchases a shipment of clothes for $35,000.00 with discounts of 11.00% and 5.00%. He sells it to a customer at a price which includes 22.00% profit on selling price and overhead expenses of 25.00% on selling price. a. How much did it cost him to purchase the container of clothes? Round to the nearest cent b. What was the selling price of the container of clothes? Round to the nearest cent
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