Jennings Hardware Store marks up its merchandise by 30%. If a partcosts $25.00, which of the following is true?a. The price is $7.50.b. The markup is $32.50.c. The price is $32.50.d. The markup is pure profit.e. All of these choices are correct.

Explanation of Cost: This refers to the original amount the store pays to purchase the item. In this…

Answered: Jennings Hardware Store marks up its…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Jennings Hardware Store marks up its merchandise by 30%. If a part costs $25.00, which of the following is true? a. The price is $7.50. b. The markup is $32.50. c. The price is $32.50. d. The markup is pure profit. e. All of these choices are correct.