In March, Swim and Sport purchased designer bathing suits for $50 each. The original markup was 60% based on selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over and all merchandise was marked up15%. By July, many of the bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits were put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits. Round to the nearest cent.
In March, Swim and Sport purchased designer bathing suits for $50 each. The original markup was 60% based on selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over and all merchandise was marked up15%. By July, many of the bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits were put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits. Round to the nearest cent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In March, Swim and Sport purchased designer bathing suits for $50 each. The original markup was 60% based on selling price. In May, the shop took a 25% markdown by having a sale. After three weeks, the sale was over and all merchandise was marked up15%. By July, many of the bathing suits were still in stock, so the shop took a 30% markdown to stimulate sales. At the end of August, the balance of the bathing suits were put on clearance sale with a final markdown of another 25%. Compute the intermediate prices and the final selling price of the bathing suits. Round to the nearest cent.
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