Problemon may 8 2015 leons kitchen hut bought a set of pots, Ask an Expert

Accounting

Problem:

On May 8, 2015, Leon's Kitchen Hut bought a set of pots with a $111 list price from Lambert Manufacturing. Leon's receives a 30% trade discount. Terms of the sale were 2/10, n/30. On May 14, Leon's sent a check to Lambert for the pots. Leon's expenses are 29% 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 12%. Assume Leon's reduces its selling price by 16%.

Required:

Question: What is the sale price at Kitchen Hut?

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166548

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