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22 April, 19:35

300 pounds of oranges were purchased at $0.24 per pound. The desired markup is 50% based on selling price, but 21% spoilage is expected. What should the selling price per pound be? (Round your answer to the nearest cent)

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  1. 22 April, 19:36
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    1. The problem indicates that 300 pounds of oranges were purchased at $0.24 per pound, so the cost is:

    300x$0.24=$72

    2. A percent of 21% spoilage is expected, which means that 89% of 300 pounds of oranges left, is:

    300x0.89=267 pounds of oranges

    3. We want to calculate the selling price per pound of 267 pounds of oranges, so let's call this value "x":

    Markup % = (Markup/cost) x100

    Markup=267x-72

    4. The desired markup, based on selling price, is 50%. So, when we substitute the values, we obtain:

    (267x-72/72) x100=50

    5. Let's clear the "x":

    (26700x-7200/72) = 50

    26700x-7200=50x72

    26700x-7200=3600

    26700x=3600+7200

    x=10800/26700

    x=$0.40

    x=40 cents

    What should the selling price per pound be?

    The answer is: 40 cents or $0.40
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