Question

A retail chain sells 100 designer sheet sets for $199.99 a set; the company purchased these sheet sets at $69.95 per set. The company also sells 1,000 basic sheet sets for $49.99 a set. The company purchased these sheet sets at $24.99 per set. Operating expenses equal $10,000.

Required:

Part a. Calculate the gross profit percentages of each product (rounded to the nearest whole number).

Part b. Calculate the total gross profit.

Part c. Calculate income before income tax expense

Answer

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