Contemporary Mathematics

Mathematics

Quiz 8 :

Markup and Markdown

Quiz 8 :

Markup and Markdown

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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.
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Given, the cost of product is
img per case of
img boxes.
Selling price is
img cents each. Thus, selling price per case is
img Thus, selling price per case of softies is
img cents.
Convert cents into dollars.
img Amount of markup can be given by the formula
img Substitute selling price
img and cost
img into previous formula and solve
img Thus, amount of markup for softies per case is
img .
When markup and selling price is given, the percent markup based on selling price can be found by the formula
img Substitute markup
img and selling price
img into previous formula and solve
img Thus, percent markup based on selling price is
img .

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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.
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To convert percent markup based on cost to percent markup based on selling price, we divide percent markup based on cost by
img img 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
img

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Write the formula for calculating the selling price when markup is based on cost.
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Selling price is found by the following formula when percent markup based on cost is known
img

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There are two ways of expressing markup as a percent: based on _______ and based on _______ _______.
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To calculate cost, we divide the _______ price by 100% plus the percent markup on cost.
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Castle Mountain Furniture sells desks for $346.00. If the desks cost $212.66, what is the amount of the markup?
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The retailing equation states that the selling price is equal to the _______ plus the _______.
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The percent markup based on selling price is equal to the _______ divided by the selling price.
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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?
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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?
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We use the formula for calculating _______ to find the most a retailer can pay for an item and still get the intended markup.
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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.
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When markup is based on selling price, the _______ price is the base and represents _______ percent.
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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?
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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?
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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?
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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?
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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?
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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?
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In business, expenses are separated into two major categories. The cost of _______ sold and _______ expenses.
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