For a Columbus Day event, a buyer plans to purchase 250 knit dresses to retail for $75 each. A 47% markup is needed on the total purchases. From one of the buyer's best resources, 110 dresses were purchased that cost $33.75 each. The buyer knows, however, that the costs will have to be averaged on the balance of other purchases from alternate resources in order to achieve a 47% markup on the entire group. What what markup percentage did the buyer attain on the first purchase of 110 dresses? Retail Cost Markup % Total needs. a) 55% Ob) 19.8% c) 45% d) 24.2% Purchases Balance
For a Columbus Day event, a buyer plans to purchase 250 knit dresses to retail for $75 each. A 47% markup is needed on the total purchases. From one of the buyer's best resources, 110 dresses were purchased that cost $33.75 each. The buyer knows, however, that the costs will have to be averaged on the balance of other purchases from alternate resources in order to achieve a 47% markup on the entire group. What what markup percentage did the buyer attain on the first purchase of 110 dresses? Retail Cost Markup % Total needs. a) 55% Ob) 19.8% c) 45% d) 24.2% Purchases Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For a Columbus Day event, a buyer plans to purchase 250 knit dresses to retail for $75 each.
A 47% markup is needed on the total purchases. From one of the buyer's best resources, 110
dresses were purchased that cost $33.75 each. The buyer knows, however, that the costs will
have to be averaged on the balance of other purchases from alternate resources in order to
achieve a 47% markup on the entire group. What what markup percentage did the buyer attain
on the first purchase of 110 dresses?
Retail
Cost
Markup %
a) 55%
Total needs.
b) 19.8%
c) 45%
d) 24.2%
Purchases
Balance
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