Question
A store has a beginning inventory of $249,845 at cost with a markup of 49.8%. Purchases were $875,479 at retail for the season. Given that
A store has a beginning inventory of $249,845 at cost with a markup of 49.8%. Purchases were $875,479 at retail for the season. Given that the final cumulative markup for the end of the season is 51.9%, what must the markup on the seasons purchases have been?
Group of answer choices
49.8%
51.9%
53.1%
45.4%
None of the above
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Management Accounting Principles And Applications
Authors: Hugh Coombs, D Ellis Jenkins, David Hobbs
1st Edition
1412908434, 978-1412908436
