Two hundred items were purchased at a list price of $120 each less trade discounts of...

 

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Two hundred items were purchased at a list price of $120 each less trade discounts of 25/15. A markup of 60% based on sales was used to determine the initial selling price. a) Determine the initial selling price. b) If 30% of the items were sold at a markdown of 25%, determine the average markup rate based on sales earned for the entire purchase. Two hundred items were purchased at a list price of $120 each less trade discounts of 25/15. A markup of 60% based on sales was used to determine the initial selling price. a) Determine the initial selling price. b) If 30% of the items were sold at a markdown of 25%, determine the average markup rate based on sales earned for the entire purchase.