Question
On August 8, 2017, Leons Kitchen Hut bought a set of pots with a $126 list price from Lambert Manufacturing. Leons receives a 20% trade
On August 8, 2017, Leons Kitchen Hut bought a set of pots with a $126 list price from Lambert Manufacturing. Leons receives a 20% trade discount. Terms of the sale were 2/10, n/30. On August 14, Leons sent a check to Lambert for the pots. Leons expenses are 24% of the selling price. Leons must also make a profit of 18% of the selling price. A competitor marked down the same set of pots 15%. Assume Leons reduces its selling price by 20%. a. What is Kitchen Hut's cost for the set of pots? (Round your answer to the nearest cent.) b. What is Kitchen Hut's original selling price? (Round your answer to the nearest cent.) c. What is the sale price at Kitchen Hut? (Round your answer to the nearest cent.)
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