A buyer needs 150 blouses to retail at $15 each and 80 shirts to retail at $20 each. She needs to average a 50.5% markup. If she pays $7 for each blouse, how much can she pay for each shirt in order to achieve the planned markup percent?

To achieve the planned markup percent, she can pay for each shirt, the price of:

$18.85

Explanation:

a) Data and Calculations:

Number of blouses to retail at $15 each = 150

Total revenue from blouses = $2,250 (150 * $15)

Number of shirts to retail at $20 each = 80

Total revenue from shirts = $1,600 (80 * $20)

Total sales revenue = $3,850

Average markup = 50.5%

Therefore, the cost of the blouses and shirts = $3,850/1.505 = $2,558

If the cost of blouse = $7 each, the total cost of blouses = $1,050 (150 * $7)

Therefore, the cost of shirts will be equal to $1,508 (2,558 - $1,050)

Then, the cost of each shirt will be equal to $18.85 ($1,508/80).

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