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On August 8, 2017, Leon's Kitchen Hut bought a set of pots with a $126...

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Accounting

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On August 8, 2017, Leon's Kitchen Hut bought a set of pots with a $126 list price from Lambert Manufacturing. Leon's receives a 20% trade discount. Terms of the sale were 2/10, n/30. On August 14 Leon's sent a check to Lambert for the pots. Leon's expenses are 24% of the selling price. Leon's must also make a profit of 18% of the selling price. A competitor marked down the same set of pots 15%. Assume Leon's reduces its selling price by 20%. a. What is Kitchen Hut's cost for the set of pots? (Round your answer to the nearest cent.) b. What is Kitchen Hut's original selling price? (Round your answer to the nearest cent.) c. What is the sale price at Kitchen Hut? (Round your answer to the nearest cent.) a. Cost b. Original selling price c. Sale price

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