Mike's Suits and Accessories purchased men's shoes for $97.00 less 25.6%. The store operates at a normal gross profit of 35% of regular selling price. The owner marks all merchandise with new regular selling prices so that the store can offer a 25% discount. What is the new regular selling price (round to the nearest dollar)?
The discount on the men's shoes is $97.00 x 25.6% = $<<97*25.6*.01=24.832>>24.832.
So, the store paid $97.00 - $24.832 = $<<97-24.832=72.168>>72.168 for the men's shoes.
Therefore, the new regular selling price should be $72.168 / (1 - 35%) = $72.168 / 0.65 = $111.794.
Rounding to the nearest dollar, the new regular selling price is $<<112=112>>112. Answer: \boxed{112}.
To find the new regular selling price, we need to first calculate the discounted price of the men's shoes.
Step 1: Calculate the discount amount:
Discount amount = 25.6% of $97.00
Discount amount = 0.256 * $97.00
Discount amount = $24.832 (rounded to the nearest cent)
Step 2: Calculate the discounted price:
Discounted price = Original price - Discount amount
Discounted price = $97.00 - $24.832
Discounted price = $72.168 (rounded to the nearest cent)
Step 3: Calculate the original selling price:
Original selling price = Discounted price / (1 - Gross profit rate)
Original selling price = $72.168 / (1 - 35%)
Original selling price = $72.168 / 0.65
Original selling price = $111.8 (rounded to the nearest cent)
Step 4: Calculate the new regular selling price:
New regular selling price = Original selling price / (1 - Discount rate)
New regular selling price = $111.8 / (1 - 25%)
New regular selling price = $111.8 / 0.75
New regular selling price = $149.07
Therefore, the new regular selling price (rounded to the nearest dollar) is $149.
To find the new regular selling price, we can follow these steps:
Step 1: Calculate the discounted price of the men's shoes.
The original price of the men's shoes is $97.00. To find the discounted price, we need to subtract 25.6% of the original price.
Discounted price = $97.00 - (25.6% * $97.00)
Step 2: Calculate the cost price of the men's shoes.
The cost price is the price at which the store purchased the men's shoes. We know that the store operates at a normal gross profit of 35% of the regular selling price.
So, the cost price = discounted price / (1 + gross profit percentage)
Cost price = discounted price / (1 + 35%)
Cost price = discounted price / 1.35
Step 3: Calculate the regular selling price.
The regular selling price is the price at which the store initially marked the merchandise before offering a discount. We know that the store offers a 25% discount.
So, the regular selling price = cost price / (1 - discount percentage)
Regular selling price = cost price / (1 - 25%)
Regular selling price = cost price / 0.75
Now, let's substitute the values and calculate the new regular selling price:
Discounted price = $97.00 - (25.6% * $97.00)
Discounted price = $97.00 - (0.256 * $97.00)
Discounted price = $97.00 - $24.832
Discounted price = $72.168
Cost price = discounted price / 1.35
Cost price = $72.168 / 1.35
Cost price = $53.50 (rounded to two decimal places)
Regular selling price = cost price / 0.75
Regular selling price = $53.50 / 0.75
Regular selling price = $71.33 (rounded to two decimal places)
Therefore, the new regular selling price of the men's shoes, rounded to the nearest dollar, is $71.