An Inventory Item Was Purchased for $3

question 27

Multiple Choice

An inventory item was purchased for $3.00. Before it was finally sold it was given an initial markup of $1.00, followed by an additional markup of 50 cents, and then a markup cancellation of 50 cents, and finally a markdown of 40 cents. It was then sold for:

• A) $3.00
• B) $3.50
• C) $3.60
• D) $4.00