Hi-Lites Inc. purchased a ceiling light fixture for $480 less 40% and 25%. The fixture was then marked up by 120% of cost. Overhead expenses are 55% of cost. In a clearance sale, Hi-Lites offered the fixture at 40% off. Determine:
a) The net cost of the fixture.
b) The amount of the mark-up.
c) The overhead expenses per fixture.
d) The regular selling price.
e) The sale price (reduced selling price).
f) The rate of mark-up on cost at the sale price.
g) The operating profit or loss at the sale price.

Question

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The Answer of Hi-Lites Inc. purchased a ceiling light fixture for $480 less 40% and 25%. The fixture was then marked up by 120% of cost. Overhead expenses are 55% of cost. In a clearance sale, Hi-Lites offered the fixture at 40% off. Determine:
a) The net cost of the fixture.
b) The amount of the mark-up.
c) The overhead expenses per fixture.
d) The regular selling price.
e) The sale price (reduced selling price).
f) The rate of mark-up on cost at the sale price.
g) The operating profit or loss at the sale price.