Question

The shoe buyer plans to promote flip-flop sandals at $24.99. The buyer needs to purchase10,000 flip flops for the event. 6,000 flip-flop sandals have been purchased at a cost of $11.50. The planned markup for the event is 59.0%. What will be the average cost of the remaining sandals?

Answer 1

$22.04

Step-by-step explanation:

Sales price per sandal = $24.99

Sales price of 10,000 sandals = $24.99*10,000 = $249,900

Markup percentage = 59%

Cost of 10,000 sandals = $249,900 / 1 + 59%

Cost of 10,000 sandals = $249,900 / 1.59

Cost of 10,000 sandals = $157169.81

Cost of 10,000 sandals = $157,169.81

Less: Cost of 6000 sandals = $69,000 ($11.5*6,000)

Cost of the remaining 4,000 $88,169.81

Average cost of the remaining sandals = $88,169.81/4,000 sandals

Average cost of the remaining sandals = $22.0424525

Average cost of the remaining sandals = $22.04