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On March 8, 2018, Leon's Kitchen Hut bought a set of pots with a $101 list price from Lambert Manufacturing. Leon's receives a 20% trade
On March 8, 2018, Leon's Kitchen Hut bought a set of pots with a $101 list price from Lambert Manufacturing. Leon's receives a 20% trade discount. Terms of the sale were 2/10, n/30. On March 14, Leon's sent a check to Lambert for the pots. Leon's expenses are 22% of the selling price. Leon's must also make a profit of 17% of the selling price. A competitor marked down the same set of pots 15%. Assume Leon's reduces its selling price by 36% 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.) a. Cost b. Original selling price c. Sale price
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