Question
A retailer sells shoes in its retail stores in Ontario, Canada. The province has put a weird law in place. If the retail price of
A retailer sells shoes in its retail stores in Ontario, Canada. The province has put a weird law in place. If the retail price of the shoes is $30.00 CAD or higher, the shoes are taxable at the rate of Sales Tax %. (So, at a retail price of $29.99 CAD or less there is no sales tax payable. At a retail price of $30.00 CAD or more, sales tax is payable.) The province has also mandated that the margin for shoes is Margin %.
Given that the cost price for the shoes is Cost CAD you need to calculate the following:
-Retail price in CAD
-Sales tax payable in CAD
-Total Selling price in CAD of shoes plus applicable sales tax (If the retail price means that sales tax is applicable) Answer well explained on paper would also work. thank you.
Q4: Taxable Shoes |
|
Cost CAD | US$ 15.45 |
Margin % | 49.50% |
Sales Tax % | 6.72% |
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