Exam 8: Mathematics of Selling

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -Toys4U purchases tricycles for $26. The store's operating expenses are 20% of cost with a net profit of 11% of cost. Find the selling price of one tricycle.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: Markup on selling price: 9.4%

Solve the problem. -The August 31 inventory at Kitchen Collection was $43,120 at cost and $61,600 at retail. Purchases during the next four months were $50,460 at cost and $72,100 at retail. After August 31, net sales were $91,800. Use the retail method to estimate the value of the inventory at cost on December 31.

Solve the problem. -The Chicago Men's Shop made the following purchases of dress shirts: 50 shirts at $78.32 in January, 60 shirts at $41.21 in March, 75 shirts at $82.74 in June, and 35 shirts at $61.60 in August. A September inventory found 150 shirts remaining. Find the inventory value using a)weighted average method, b)FIFO Method, and c)LIFO Method. Round final answers to the nearest cent.

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent. -

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -A local dealer sells baseballs for $25.00 each. If this is a 12.9% markup on selling price, find the equivalent markup percent on cost.

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -A store sells an item for $290 each. If this is a 40% markup on cost, find the equivalent markup percent on the selling price.

Provide an appropriate response. -Which departments in a grocery store do you think have the highest inventory turnover? The lowest?

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -Bob's Tires manufactures steel-belted radials at a cost of $53.66 each. Bob then sells the tires at a 44.8% markup based on cost. Find (a) the markup, (b) the selling price, and (c) the markup as a percent of selling price

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -What-A-Pane Inc. sells windows for $106.81 each after a markup of $34.69. Find (a)the cost of a window, (b)the markup as a percent of cost, and (c)the markup as a percent of selling price.

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -The cost of an item is $76. For a special year-end sale the price is marked down 20%. Find the selling price of the item.

Find the average inventory. -

Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent. -The Oak Gallery had a clearance sale during which it sold an oak coffee table for $233. If the cost was $164 and the operating expenses were 25% of cost, find the amount of profit or loss.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: 44.3% Markup on selling price:

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar. -

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -A jewelry store purchased 120 fashion watches for $3,600. If the store sold 60 watches at $60, 48 watches at $54, and the rest at $30, find (a)the total markup, (b)the markup percent on selling price, and (c)the equivalent markup percent on cost.

Find the average inventory. -