Leah Wells, a yoga instructor, started a company that sells athletic yoga clothing. You are Leah's marketing manager. (Do not roundintermediate calculations and round your final answers to 2 decimal places.)a. After assessing the competitors, you determine that Leah needs to price her products with a markup percentage of 60%. The cost ofher tank tops is $36 and her pullovers is $46. Determine the selling price for each of Leah's clothing items.Tank topsPulloversSelling priceb. Leah is ready to launch her yoga pants. You have determined that she should set her price 30% below her competitor's price of$116. Leah's cost to produce yoga pants is $48 per unit. Determine the markup percentage on Leah's yoga pants.Markup percentageYoga pants c. Calculate the gross profit margin for tank tops, pullovers, and yoga pantsTank topsPulloversYoga PantsGross Profit Margin%%%d. After a year, you determine that Leah should set a standard target margin percentage of 45% on all products. Determine the newprices for tank tops, pullovers, and yoga pants.Tank topsPulloversYoga pantsSelling price

Step 1: Step 2: Step 3: Step 4:

Answered: Leah Wells, a yoga instructor, started…

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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Leah Wells, a yoga instructor, started a company that sells athletic yoga clothing. You are Leah’s marketing manager. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. After assessing the competitors, you determine that Leah needs to price her products with a markup percentage of 60%. The cost of her tank tops is $44 and her pullovers is $54. Determine the selling price for each of Leah’s clothing items. b. Leah is ready to launch her yoga pants. You have determined that she should set her price 30% below her competitor’s price of $124. Leah’s cost to produce yoga pants is $52 per unit. Determine the markup percentage on Leah’s yoga pants. c. Calculate the gross profit margin for tank tops, pullovers, and yoga pants. d. After a year, you determine that Leah should set a standard target margin percentage of 45% on all products. Determine the new prices for tank tops, pullovers, and yoga pants.
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