# Contemporary Mathematics

Mathematics

## Quiz 8 :Markup and Markdown

Question Type
As the manager of Dollar Depot, calculate the amount of the markup and the percent markup on selling price per case if these Softies products cost your store $5.60 per case of 12 boxes. Free Essay Answer: Answer: Given, the cost of product is per case of boxes. Selling price is cents each. Thus, selling price per case is Thus, selling price per case of softies is cents. Convert cents into dollars. Amount of markup can be given by the formula Substitute selling price and cost into previous formula and solve Thus, amount of markup for softies per case is . When markup and selling price is given, the percent markup based on selling price can be found by the formula Substitute markup and selling price into previous formula and solve Thus, percent markup based on selling price is . Tags Choose question tag To convert percent markup based on cost to percent markup based on selling price, we divide percent markup based on cost by 100% _______ the percent markup based on cost. Free Essay Answer: Answer: To convert percent markup based on cost to percent markup based on selling price, we divide percent markup based on cost by the percent markup based on cost. In order to convert percent markup based on cost to percent markup based on selling price uses the following formula Tags Choose question tag Write the formula for calculating the selling price when markup is based on cost. Free Essay Answer: Answer: Selling price is found by the following formula when percent markup based on cost is known Tags Choose question tag There are two ways of expressing markup as a percent: based on _______ and based on _______ _______. Essay Answer: Tags Choose question tag To calculate cost, we divide the _______ price by 100% plus the percent markup on cost. Essay Answer: Tags Choose question tag Castle Mountain Furniture sells desks for$346.00. If the desks cost $212.66, what is the amount of the markup? Essay Answer: Tags Choose question tag The retailing equation states that the selling price is equal to the _______ plus the _______. Essay Answer: Tags Choose question tag The percent markup based on selling price is equal to the _______ divided by the selling price. Essay Answer: Tags Choose question tag Electric woks cost the manufacturer$83.22 to produce. If a markup of $69.38 is added to the cost, what is the selling price per unit? Essay Answer: Tags Choose question tag After Sunset Food Wholesalers adds a markup of$15.40 to a case of tomato sauce, it sells for $33.98. What is the wholesaler's cost per case? Essay Answer: Tags Choose question tag We use the formula for calculating _______ to find the most a retailer can pay for an item and still get the intended markup. Essay Answer: Tags Choose question tag To convert percent markup based on selling price to percent markup based on cost, we divide percent markup based on selling price by 100% _______ the percent markup based on selling price. Essay Answer: Tags Choose question tag When markup is based on selling price, the _______ price is the base and represents _______ percent. Essay Answer: Tags Choose question tag A three-day cruise on the Island Queen originally selling for$988 was marked down by $210 at the end of the season. a. What is the sale price of the cruise? b. What is the markdown percent? Essay Answer: Tags Choose question tag Wyatt's Western Wear purchases shirts for$47.50 each. A $34.00 markup is added to the shirts. a. What is the selling price? b. What is the percent markup based on cost? c. What is the percent markup based on selling price? Essay Answer: Tags Choose question tag Bloomingdales purchases imported perfume for$24.30 per ounce. If the store policy is to mark up all merchandise in that department 39% based on selling price, what is the retail selling price of the perfume?
Essay
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a. At The Luminary, the markup on a halogen light fixture is 50% based on selling price. What is the corresponding percent markup based on cost? b. If the markup on a fluorescent light fixture transformer is 120% based on cost, what is the corresponding percent markup based on selling price?
Essay
The Carpet Gallery is looking for a new line of nylon carpeting to retail at $39.88 per square yard. If management wants a 60% markup based on selling price, what is the most that can be paid for the carpeting to still get the desired markup? Essay Answer: Tags Choose question tag You are shopping for an executive desk chair at The Furniture Gallery a. Calculate the original price and markdown percent of each chair to determine which has the greater markdown percent. b. With the purchase of either chair, The Furniture Gallery is offering a 15% discount on plastic chair mats. You have chosen a mat with an original price of$29.00. You also purchase a two-year leather protection plan on the chair for \$19.95. If you choose the chair with the greater markdown percent and the sales tax in your area is 6.3%, what is the total amount of your purchase?