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 6.65 %. (So, at a retail price of $29.99 or less there is no sales tax payable. At a retail price of $30.00 or more, sales tax is payable.) The province has also mandated that the margin for shoes is 52%.
Given that the cost price for the shoes is $14.25 you need to calculate the following:
-Retail price in CAD
-Sales tax payable in CAD
-Total Selling price of shoes plus applicable sales tax (If the retail price means that sales tax is applicable)
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