For this assignment, you're going to calculate profit and loss for your company. You are working in fashion design as an office assistant. The designer wants to know how the sale of the product has performed financially in the first quarter. The company's CEO defines a good investment as one that provides 10% profit.

In the first quarter this year, the company sold 300 designer shirts. Each shirt cost $12.50 to produce. The full retail price of each shirt was $45.00, but there were some shirts that sold for reduced prices.

Of the 300 shirts:

• 100 shirts were sold at a 25% discount each, which equaled [45 - (0.25 x 45)] = $33.75 each.
• Seven shirts were returned and were re-sold at a 50% discount from the full retail price.

Assignment Instructions:

Step 1:

• Calculate gross sales (# sold x price, for each price).
• What was the average price of the shirts sold (mean)?
• What was the most common price of the shirts sold (mode)?

Step 2:

Write a 250+ word summary of how this information could be used to make buying decisions for a business. If 107 shirts had to be discounted in order to sell them, was the purchase of 300 a good investment for the company?