In a city in Ohio, the sales tax rate is 7%. What is the sales tax of a pillow that costs $8? *
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Answer:
Explanation:
The <em>profit</em> will be the revenue less the cost.
The revenue will be the price times the number of items sold. <em>The price is $40 the piece</em>. Work with a piece.
- Revenue = $40
The total cost of a piece is the sum of the <em>cost of the supplies</em>, the s<em>eller's fees</em> and the <em>shipping costs</em> of a piece:
- Cost of supplies: $8.00
- Seller's fee: 9% of $40 = 0.09 × $40 = $3.60
- Shipping costs: $2.00
- Total cost = $8 + $3.60 + $2 = $13.60
Profit = Revenue - Cost = $40 - $13.60 = $26.40
To find the <em>hourly profit</em> you must divide the profit of a piece by the <em>hours of labor</em> to make a piece.
- Hourly profit = $26.40/1.5hour = $17.60/hour