Mr. Jones desires to sell an article costing $28 at a gross profit of 30% of the selling price, and to allow a trade discount of 20% of the list price.
The list price of the article should be?
Mr. Jones intends to make the cost 100% - 30% = 70% of the selling price, so the selling price should be 28/0.7 = $40.
On the other hand, the selling price should be 100% - 20% = 80% of the list price. Hence, the list price should be $40/0.8 = $50.
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