Exam 6: Trade Discounts, Cash Discounts, Markup, and Markdown

An invoice dated on March 31 was received on April 2. It was for 30 training manuals at $25.00 each and four posters at $40.00 each. The terms of the invoice were 5/10, 2/30, n/60. What is the invoice payment amount on April 3?

The following invoices, all with terms 7.5/10, 2.5/30, n/45, were paid together on March 25. First invoice dated February 1 is for $2940.67; second invoice dated February 25 is for $4086.50; and the third invoice dated March 18 is for $9101.25. What amount was remitted?

An article that costs $542.50 was marked up to reflect 30% of the selling price. Calculate the selling price.

A power ice auger cost a retailer $327.00 less 13%, 17%, 2.25%. It carries a regular selling price on its price tag at a markup of 94% of the regular selling price. During the end-of-season sale, the power ice auger is marked down 30%. What is the end-of-season sale price?

Sears is adding a new line of John Deere lawn mowers. The cost of each such lawn mower is $321.00 with an operating cost of adding this line is estimated to be 40% of the cost of each unit. If Sears matches the competition's retail price of $649 on each lawn mower, what will be the operating profit per unit?

An invoice for $6200.00, dated May 28, 3/10, 1/20, n/60, was received on May 30. What payment must be made on June 5 to reduce the debt to $4760.00?

Murray's Pro Shop purchased sets of golf clubs for $710.00 less 22%, 17%, and 19%. Expenses are 19% of the regular selling price and the required profit is 19% of the regular selling price. The store decided to change the regular selling price so that it could offer a 47% discount without affecting its margin. At the end of the season, the unsold sets were advertised at a discount of 60%. What operating profit or loss was realized on the sets sold at the end of the season?

Kaz purchases an article with a net price of $114.54 after a discount of 17% was allowed. Calculate the list price.

A certain home appliance is listed for $699.00 less 15 %, 8.5%. a)What is the net price? b)How much is the amount of discount allowed? c)What is the equivalent single rate of discount that was allowed?

An invoice shows a net purchase price of $1809.13 after the subtraction of discounts of 12.5%, 25%, 8.3%. What was the list price?

A 47% discount allowed on an article amounts to $3.57 What is the net price?

A bicycle at Janice's sport shop, costing $108.50 was marked up to reflect 40% of the cost price. Calculate the selling price.

Fresh Co advertises to price match its competitors. This week Fresh Co sells grapes for $3.99 per pound. No Frills has sale on grapes and is selling at $2.69 per pound. Calculate the rate of markdown for Fresh Co for the grapes to price match competition.

An invoice shows a net price of $375.75 after discounts of 15%, 10.6%, 5.5%. What was the list price?

Cost of electricity to the grid is calculated in $ per MWh. On a typical day, the Darlington plant produces an average of 84 000 MWh. The OEB recently ruled that Darlington would receive $51 per MWh of electricity produced. The cost of fuel is $5 per MWh. Operations and maintenance costs are $37 per MWh. How much profit will the Darlington plant make in a year?

Christine Auto Sales and Service has an end of season sale on luxury cars. The original price was $67 998.00. The first discount is 10% and the second discount is 14%. Calculate the final price of the cars.

Kia Soul is sold at an MRSP of $18 500. In May 2013, Kia offered two incentives to its customers. The first incentive was cash back of $2000 on the final sale price, which includes 13% HST. The other one was no HST MRSP. Which incentive resulted in lesser cost to the customer?

Mike's Suits and Accessories purchased men's shoes for $97.00 less 25.6%. The store operates at a normal gross profit of 25% of regular selling price. The owner marks all merchandise with new regular selling prices so that the store can offer a 20% discount. What is the new regular selling price?

A big electronics retailer bought 15" tablets for $750.00 less 21%. He sold them for $1550.00.

Sheldan Services sells oil at a markup of 46% of the selling price. If Sheldan paid $1.99 per litre of oil, a)what is the selling price per litre? b)what is the rate of markup based on cost?