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No Profit Today
Mr.Od-1 owned a chain of toy stores. One day he received a shipment of new toy cars. The inventory manager marked them all up 10% and sent them out to all the stores. But after a few weeks, sales of the cars were minimal and Mr. Od-1 instructed that they be sold at cost to get rid of them. The next day Mr.Od-1 saw that the cars were all on sale at 10% off. He was quite upset at his inventory manager.
"What's the problem sir?" asked the manager. "I put them up 10% and then marked it down 10% to sell them at cost."
The manager was quickly demoted to a new position as janitor. But why?
"What's the problem sir?" asked the manager. "I put them up 10% and then marked it down 10% to sell them at cost."
The manager was quickly demoted to a new position as janitor. But why?
Hint
Do the math.Answer
He had lousy math skills.Let's say the cars cost $10.00 + 10% ($1)= $11.00
But $11.00 - 10% ($1.10) = $9.90 so he would lose 10 cents on every car.
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