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

An article cost $4 270.00 and was sold for $9 947.00. What was the percent markup based on selling price (correct to the

What is the regular selling price of an item that cost $1345.00 if the markup is 27% of the regular selling price?

An invoice shows a net price of $231.88 after discounts of 17.8%, 8.6%, 6.3%. What was the list price?

Determine the equivalent single rate of discount for the following series of discounts. Discount of 17.25%, 14.7% and 16.37%.

A television set was sold during a clearance sale for $299.00. If the television was sold at a discount of 70%, what was the list price?

Kudos furniture sells maple wood bedroom sets for a price of $3 560 if the purchase is financed. The company also advertises "no payments and no interest for one year". Joan and her husband suggested to pay cash for the furniture and got an offer from the salesperson for $3 382, which they took. (i) How much was the discount for paying cash? (ii) What was the rate of discount on the cash purchase?

The Exotic Import Company received an invoice dated January 5 for a shipment of goods received January 11. The invoice was for $5525.00 less 40%, 8% with terms 3/20 R.O.G. How much must Exotic Import pay on January 20th to reduce its debt a) by $3000.00? b) to $3000.00?

The Sheepskin Shoppe bought 375 sheepskin coats for $75 000; 115 coats were sold at a markup of 210% of cost and 95 coats at a markup of 145% of cost; 25 of the coats were sold during a clearance sale for $260.00 each and the remaining coats were disposed of at 14% below cost. What was the gross profit based on selling price?

A dollar store bought 1000 pair of socks auctioned off en bloc for $2 000.00. This means that each pair of socks has the same cost. On inspection, the socks were classified as normal quality, seconds, and substandard. The 600 normal quality socks were sold at a markup of 90% of cost, the 300 pair of socks classified as seconds were sold at a markup of 30% of cost, and the socks classified as substandard were sold at 60% of their cost. What was the unit price at which each of the three classifications was sold?

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?

What amount will reduce the amount due on an invoice of $9410.25 by $842.00 if the terms of the invoice are 5/10, n/30 and the payment was made during the discount period?

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?

A hitch and trailer listed at $2 149.00 has a net price of $1 360.00. What is the rate of discount?

Lumber King sells 2x4 studs for $3.15 each less 15%. Its competitors across town offer the same stud for $3.55 less 22%, 18%. What additional rate of discount must Lumber King offer to meet the competitor's price?

An invoice for $5 999.00, dated June 27, terms 2/10 E.O.M., was received June 30. What payment must be made on July 10 to reduce the debt to $2000.00?

A dealer bought personal computers for $2 250.00 less 41%, 31%. They were sold for $1585.00. a) What was the markup as a percent of cost? b) What was the markup as a percent of selling price?

A furniture store sold a bed regularly priced for $990.00 for $720.00. The bed was originally purchased for $600.00 less 40%. The store's overhead is 25% of the regular selling price. a) Calculate the rate of markdown at which the bed was sold. b) Calculate the operating profit or loss at the sale price.

The Camping Store buys sleeping bags for $54.10 less 12% for buying more than 50 sleeping bags. The store operates on a margin of 51% of the sale price and advertises that all merchandise is sold at a discount of 25% of the regular selling price. What is the regular selling price of the sleeping bags?

A data storage device that cost $20.25 was sold for $79.99. Calculate the rate of mark-up based on cost price.