Math Problem Statement
A department store paid $37.52 for a wine set. Overhead expense is 14 % of the regular selling price and profit is 10 % of the regular selling price. During a clearance sale, the set was sold at a markdown of 18 %. What was the operating profit or loss on the sale?
Solution
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Math Problem Analysis
Mathematical Concepts
Percentage
Algebra
Profit and Loss
Formulas
Operating Profit/Loss = Sale Price  Total Cost to Store
Total Cost to Store = Purchase Price + Overhead Expense
Sale Price = Regular Selling Price  Markdown
Regular Selling Price = (Purchase Price + Overhead Expense + Profit) / (1  Overhead Percentage  Profit Percentage)
Theorems

Suitable Grade Level
Grades 912
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