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8 May, 20:52

Journey's the shoe store has a cost of goods sold of $22.00 on classic Converse Chuck Taylor sneakers. The corporate office mandates that each store must have a 30% markup on each shoe. What is the final retail price of the sneakers for Journey's?

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  1. 8 May, 21:41
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    Firs, find the markup amount in dollars;

    Markup amount = Cost * markup rate

    Cost = $22

    markup rate = 30% or 0.30 as a decimal

    Markup amount = 0.30*22 = $6.6

    Next, find the retail price using the markup amount calculated above;

    Retail Price = Markup amount + cost

    Retail price = $6.6 + $22

    = $28.6

    Therefore, the sneakers retail price is $28.6
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