An item listed at 40% above cost was sold by a dealer during a special sale at a 15% reduction from the list price. What did the item cost the dealer if it was sold for $23,765.00?
A) $23,494.81
B) $33,271.00
C) $19,970.59
D) $27,958.82
E) $43,965.25

Question

Quizplus · Accepted Answer

The item was sold for $23,765 after a 15% reduction from the list price. To find the list price (LP), we can set up the equation: $23,765 = LP * (1 - 0.15) or LP = $23,765 / 0.85 = $27,958.82. This list price is 40% above the cost price (CP), so LP = CP * 1.40. Solving for CP gives CP = $27,958.82 / 1.40 = $19,970.59.

An Item Listed at 40% Above Cost Was Sold by a Dealer