A department store paid $37.36 for a wine set. Overhead expense is 23% of the regular...

A department store paid $37.36 for a wine set. Overhead expense is 23% of the regular selling price and profit is 24% of the regular selling price. During a clearance sale, the set was sold at a markdown of 37%. What was the operating profit or loss on the sale?

Expert Solution

regular selling price =P

37.36+0.23*P+0.24*P=P

0.53*P=37.36

P=37.36/0.53=70.49

mark down sellling price=70.49*(1-37%)=44.41

What was the operating profit or loss on the sale=44.41-37.36-0.23*70.49=-9.16 or loss of 9.16

jeff jeffy answered 2 years ago

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