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On March 8, 2014, Leon’s Kitchen Hut

by | Nov 30, 2023 | Posted Questions

On March 8, 2014, 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 the sale price at Kitchen Hut? (Do not round intermediate calculations. Round your answer to the nearest cent.)

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