Final answer:
To maintain a 56.7% markup on a total retail goal of $42,000, the junior sportswear buyer should set the retail price per top at approximately $70.02 to reach their buying trip goals for 600 tops.
Step-by-step explanation:
To calculate the retail price per top, we need to know the cost price. To find out the cost price that the junior sportswear buyer should pay, we first deduce the markup cost from the total retail price.
The department has to maintain a 56.7% markup, which implies that 100% - 56.7% = 43.3% of the retail price is the cost price. If the buyer wants to spend a total of $42,000 at retail, then the cost price is 43.3% of $42,000.
Calculating 43.3% of $42,000, we get:
Cost price = 0.433 × $42,000 = $18,186.
To find the individual cost price per top, divide the total cost price by the number of tops (600).
Cost price per top = $18,186 / 600 = $30.31.
Now, calculate the retail price per top by adding the markup to the cost price per top:
Retail price per top = Cost price per top / (1 - Markup percentage)
Retail price per top = $30.31 / (1 - 0.567) = $30.31 / 0.433 = approximately $70.02.
Therefore, the retail price per top should be set at approximately $70.02 to maintain a 56.7% markup and to meet the buyer's retail total spending goal of $42,000.