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:

Declaration of Independence

The document adopted on July 4, 1776, by the Second Continental Congress, declaring the Thirteen American Colonies independent from British rule.

Second Continental Congress

The convention of delegates from the Thirteen Colonies that started meeting in the spring of 1775, soon after the outbreak of the American Revolutionary War, which eventually declared independence.

Thomas Jefferson

The third President of the United States (1801–1809), primary author of the Declaration of Independence, and a founding father known for his promotion of the ideals of republicanism in the United States.

Nathanael Greene

A major general of the Continental Army in the American Revolutionary War, who was known for his successful command in the Southern Campaign, forcing British Lieutenant General Cornwallis to abandon the Carolinas and head for Virginia.