Dave and Lance Buy Pants for $32

question 55

Essay

Dave and Lance buy pants for $32.75 less 12.75%, 18%. The pants are priced at a regular selling price to cover expenses of 35% of selling price and a profit of 32% of selling price. For a special weekend sale, shirts were marked down 15%.
a) What was the operating profit or loss on the pants sold during the weekend sale?
b) What rate of markup was realized based on the sale price?

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Definitions:

Sternocleidomastoid

A muscle located in the neck that is responsible for turning the head side to side and nodding.

Sternal Manubrium

The triangular upper portion of the sternum that articulates with the clavicles and the first two pairs of ribs.

Mastoid Process

A protruding bony area located behind the ear on the skull that contains air cells and serves as an attachment site for neck muscles.

Superior Nuchal Line

A ridge on the external surface of the occipital bone of the skull, running horizontally from the external occipital protuberance to the mastoid part of the temporal bone.