Question
2. On April 13, a stereo store received three new sound systems with a list price of $2500 each from the manufacturer. The stereo store
2. On April 13, a stereo store received three new sound systems with a list price of $2500 each from the manufacturer. The stereo store received a trade discount of 25% and an extra discount of 10% for buying more than one. The invoice with terms 2/10, n/30, arrived on the same day as the sound systems. a) What is the invoice amount? b) The owner of the store marked up the sound systems by 60% of the invoice amount (before cash discounts) to cover overhead and profits. What is the price of each sound system? c) The owner paid the invoice on April 20th. How much did they pay? d) How much profit did the store owner make?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started