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The Alpaca Wool Shoppe bought 150 scarves for Total cost= $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for S35.50 each and the remaining Scarves were disposed of at 15% below cost. Assume all scarves had the same cost. a) What was the markup realized on the purchase? b) What was the percent markup realized based on cost? c) What was the gross profit realized based on selling price?

The Alpaca Wool Shoppe bought 150 scarves for Total cost= $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for S35.50 each and the remaining Scarves were disposed of at 15% below cost. Assume all scarves had the same cost. a) What was the markup realized on the purchase? b) What was the percent markup realized based on cost? c) What was the gross profit realized based on selling price?

FINANCIAL ACCOUNTING
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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The Alpaca Wool Shoppe bought 150 scarves for Total cost= $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for S35.50 each and the remaining Scarves were disposed of at 15% below cost. Assume all scarves had the same cost. a) What was the markup realized on the purchase? b) What was the percent markup realized based on cost? c) What was the gross profit realized based on selling price? a) S3657.90, b) 87.9012%, c) 46.7805% a) $3947.90, b) 87.9012%, c) 46.7805% None of the above O a) S3647.90, b) 87.9012%, c) 46.995% O a) $3647.90, b) 87.9012%, c) 46.7805%
Transcribed Image Text:The Alpaca Wool Shoppe bought 150 scarves for Total cost= $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for S35.50 each and the remaining Scarves were disposed of at 15% below cost. Assume all scarves had the same cost. a) What was the markup realized on the purchase? b) What was the percent markup realized based on cost? c) What was the gross profit realized based on selling price? a) S3657.90, b) 87.9012%, c) 46.7805% a) $3947.90, b) 87.9012%, c) 46.7805% None of the above O a) S3647.90, b) 87.9012%, c) 46.995% O a) $3647.90, b) 87.9012%, c) 46.7805%
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