question archive Elon bought a refrigerator with marked down 14% during a clearance sale
Elon bought a refrigerator with marked down 14% during a clearance sale
Subject:AccountingPrice:2.84 Bought7
Elon bought a refrigerator with marked down 14% during a clearance sale. The selling price is RM500. At this selling price, Elon made a 25% markup on the selling price. Find the
a) Find retail price of the refrigerator.
b) Find cost of the refrigerator.
c) Calculate markup per cent of the refrigerator at the retail price.
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Please find the answer in the explanation
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Step-by-step explanation
Selling price = RM500
Mark down = 14%
a) Retail price of the refrigerator = Selling price + Markup
= RM 500 + 25% of 500
= 500 + 125 = RM 625
b) Cost price of the refrigerator = Selling price - Markdown
= 500 - 14% of 500 = RM430
c) Markup percent at retail price = (625 - 430) / 430 *100 = 45.35%
