A department store paid 42.44 for a cookware set. Overhead...

A department store paid $42.44 for a cookware set. Overhead expense is 13% of the regular selling price and profit is 25% of the regular selling price. During a clearance sale, the set was sold at a markdown of 34%. What was the operating profit or loss on the sale? The operating was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Transcript

00:01 So here it is given that the department store paid $41 .88 for the dinner plate set.

00:07 That means cost of the plate is, cost of plate is equal to $41 .88.

00:17 $21 .88.

00:19 This will be the cost and it is given that the overhead expense is 22 percentage of the regular selling price.

00:24 So 22 percentage expenses equal to 22 % of.

00:32 Percentage of selling price and the next data given is and profit is 20 percentage of the regular selling price so profit equal to 20 percentage of selling price so these are the data is given and we are asked to find what is the profit or the loss when the product is sold at a markdown of 34 percentage now one more thing that you would have to be carefully is this cost of plate means this is the purchase price.

01:13 Similarly, that will be the cost of the plate.

01:16 Now, let the selling price is price equal to x, x dollars, so that the expense will be 22 percentage of x and profit will be 20 percentage of x so that we can just write that the profit will be equal to or this.

01:41 Sorry for that.

01:42 So the selling price will be, selling price will be equal to we can say that selling price equal to cost of the cost of that sub object plus cost of that commodity plus expense on that expenses plus profit this will be the selling price now we can just write from this that x is equal to cost was 41 .88 plus expenses was 22 % of selling price that will be 0 .22x plus profit was 20 percentage of selling price that was 0 .2x...

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