Lois Clark bought a ring for $6,700. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $40 shipping charge. What is the total purchase price of Lois's ring? Total purchase price

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 11DQ
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Lois Clark bought a ring for $6,700. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois
must also pay a $40 shipping charge.
What is the total purchase price of Lois's ring?
Total purchase price
Transcribed Image Text:Lois Clark bought a ring for $6,700. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $40 shipping charge. What is the total purchase price of Lois's ring? Total purchase price
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