Problem 8 – Markup Orange County Community College purchased 70 timers at a list price of $37.80 each. The Timex Corporation allowed a 15 % percent trade discount, as well as terms of 2/15, n/30, EOM. The purchase was made on July 18. The timers were backordered and actually arrived on September 29. Four were found to be defective and were returned. The invoice was paid on October 17. The timers were sold through the Timex catalog. The markup rate of 40% percent of cost was made.
A second purchase of 70 timers were made on November 2, COD, at $31 each with no trade discount. They were marked up in the same was as the first purchase. What is the total dollar amount of the markup on the two purchases? Round your answer off to the nearest cent.