Exam 5: Trade Discount, Cash Discount, Markup, and Markdown

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.

A gas hedge trimmer cost a retailer $218.00 less 37%, 22%, 3.75%. It carries a regular selling price on its price tag at a markup of 82% of the regular selling price. During the end-of-season sale, the hedge trimmer is marked down 21%. What is the end-of-season sale price?

Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for $205.00.

An invoice dated May 12, terms: 5/10, n/30 for $3 000.00 was received by Bruce Distributors. a) What is the last day of the discount period? b) What is the amount due if the invoice is paid on June 5? c) What is the amount due if the invoice is paid on May 20?

Christine's pet shop buys cat litter for $15.00 less 20% per bag. The store's overhead is 45% of cost and the owner requires a profit of 20 % of cost. a) For how much should a bag be sold? b) Calculate the amount of markup.

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

A discount store lists an article for $875.00 less 25% and 20.5%. a competitor carries the same article for $847.90 less 21.5%. What further discount (correct to the nearest of 1%) must the competitor allow so that its net price will be the same as that of the discount store?

A retail store realizes a gross profit of $62.67 if it sells an article at a margin of 32% of the selling price. a) What is the regular selling price? b) What is the cost? c) What is the rate of markup based on cost? d) If overhead is 21% of cost, what is the break-even price? e) If the article is sold at a markdown of 25%, what is the operating profit or loss?

An item that cost the dealer $2331.00 less 14%, 12.25% carries a price tag at a markup of 70% based on cost. For quick sale the item was reduced 30%. What was the sale price?

The Nursery bought 800 plants auctioned off en bloc for $5 550.00. This means that each plant has the same cost. On inspection, the plants were classified as normal quality, seconds, and substandard. The 420 normal quality plants were sold at a markup of 85% of cost, the 290 plants classified as seconds were sold at a markup of 21% of cost, and the plants classified as substandard were sold at 83% of their cost. a) What was the unit price at which each of the three classifications was sold? b) If overhead is 23% of cost, what was the amount of profit realized on the purchase? c) What was the average rate of markup based on the selling price at which the plants were sold?

The regular selling price of merchandise sold in a store includes a margin of 62% based on selling price. During a sale, an item which cost the store $231.25 was marked down 47%. For how much was the item sold?

A skateboard costing $16.23 was marked up to realize gross profit of 50% of the selling price. a) What was the selling price? b) What was the gross profit as a percent of cost?

Find the cost of an item sold for $4 115 to realize a markup of 36% based on cost.

A store advertises a discount of $10.00 on a shirt. If the discount is 30%, for how much was the shirt sold?

A 14% discount on a dryer that Sean purchased, amounted to $70.00. Calculate the net price.

The net price of an article is $125.46. What is the list price if a discount of 38% was allowed?

What rate of discount has been allowed if an item that lists for $720.00 is sold for $681.57?

Eastside Pawn Shop bought items for $241.00 less 13%, 20%, 11.5%. The store's overhead is 36% of regular selling price and the profit required is 47% of regular selling price. a) What is the break-even price? b) What is the maximum rate of markdown that the store can offer to break even? c) What is the realized rate of markup based on cost if the items are sold at the break-even price?

DeSomma and Brown received an invoice for $14 520 dated November 29, terms 5/20, n/45, from Happy Valley Winery for a truckload of grapes received December 17. DeSomma and Brown made a partial payment of $4 955.00 on December 12. a) By how much did DeSomma and Brown reduce the amount due on the invoice? b) How much does DeSomma and Brown still owe?

Dave and Lance buy pants for $32.75 less 12.75%, 18%. The pants are priced at a regular selling price to cover expenses of 35% of selling price and a profit of 32% of selling price. For a special weekend sale, shirts were marked down 15%. a) What was the operating profit or loss on the pants sold during the weekend sale? b) What rate of markup was realized based on the sale price?