Week 8 Math
Assume markups in Problems 8-1 to 8-6 are based on cost.
Find the dollar markup and selling price for the following problems. Round answers to the nearest cent. LU 8-1(1, 2)
Item
Cost Markup percent Dollar markup Selling price
8-1. Bell and Ross watch 52.000 3or,
8-2. Burberry men’s watch
S425 200%
Solve for cost (round to the nearest cent): LU 8-1(3)
8-3 Selling price of office furniture at Staples, $6,000 Percent markup on cost, 40% Actual cost? 8-4. Selling price of lumber at Home Depot, $4,000 Percent markup on cost, 30% Actual cost?
Complete the following: LU 8-1(1) Cost Selling price Dollar markup Percent markup on cost* 8-5. S15.10 $22.00 9 8-6. ? ? $4.70 102.17
`Round to the nearest hundredth perocnt.
Assume markups in Problems 8-7 to 8-12 are based on selling price. Find the dollar markup and cost (round answers to the nearest cent): Lu 8-2(1, 2)
Item Selling price Markup percent Dollar markup Cost 8-7. Sony LCD TV $1.(X)0 45′,
8-8. Canon scanner $80
30 c-
Solve for the selling price (round to the nearest cent): LU 8-2(3)
8-9. Selling price of a complete set of pots and pans at Walmart 40% markup on selling price Cost, actual, $66.50
8-10. Selling price of a dining room set at Macy’s 55% markup on selling price Cost, actual, $800
Complete the following: LU 8-2(1)
Selling Dollar Percent markup on selling price Cost price markup (round to nearest tenth percent) 8-11. S14.80 S49.00 9 C) 8-12. ? S4.00 209
By conversion of the markup formula, solve the following (round to the nearest whole percent as needed): LU 8-2(4) Percent markup on cost Percent markup on selling price 8-13. 12.4″, .) 8-14. ? I 3 Complete the following: LU 8-3(1, 2)
8-15. Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth percent:
Original First Second Final selling price markdown markdown Markup markdown $5.000 20% 10% 129; 5%
WORD PROBLEMS
8-16. Bari Jay, a gown manufacturer, received an order for 600 prom dresses from China. Her cost is $35 a gown. If her markup based on selling price is 79%, what is the selling price of each gown? Round to the nearest cent. LU 8-2(2) 8-17. Brian May, guitarist for Queen, does not know how to price his signature Antique Cherry Special that cost him £280 to make. He knows he wants 85% markup on cost. What price should Brian May ask for the guitar? Note: “f” is the pound sterling symbol.LU 8-1(2) 8-18. You are buying and reselling items found at your local thrift shop. You found an antique pitcher for sale. If you need a 40% markup on cost and know most people will not pay more than $20 for it, what is the most you can pay for the pitcher? Round to the nearest cent. LU 8-1(4)
8-19. Macy’s was selling Calvin Klein jean shirts that were originally priced at $58.00 for $8.70. (a) What was the amount of the page233 markdown?
(b) Based on the selling price, what is the percent markdown? LU 8-3(1) 8-20. Brownsville, Texas, boasts being the southernmost international seaport and the largest city in the lower Rio Grande Valley. Ben Supple, an importer in Brownsville, has just received a shipment of Peruvian opals that he is pricing for sale. He paid $150 for the shipment. If he wants a 75% markup, calculate the selling price based on selling price.
Then calculate the selling price based on cost. LU 8-1(2), LU 8-2(2) 8-21. Front Range Cabinet Distributors in Colorado Springs, Colorado, sells to its contractors with a 42% markup on cost.
If the selling price for cabinets is $9,655, what is the cost to contractors based on cost? Round to the nearest tenth. Check your answer. LU 8-1(3)
