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

Duckworth's Bird Supplies purchased sets of cages for $160.00 less 9%, 14%. Expenses are 17% of the regular selling price and the required profit is 55% of the regular selling price. The store decided to change the regular selling price so that it could offer a 25% discount without affecting its margin. During the Christmas season, the unsold sets were advertised at a discount of 25%. What operating profit or loss was realized on the sets sold during the Christmas season?

Wayne's Pet Supplies sells dog food for $84.50 per 10-kg bag. The markup is 62% of cost. How much does the store pay for this bag of dog food?

Hasan receives an invoice for $103.50 dated September 30, with terms 5/10, 2/30, n/60. He decides to pay it in full on October 25. What is the total amount paid to settle the account?

National sports sets the selling price of the ice-hockey kit to include expected overhead expenses of 30% of the selling price and a desired profit of 50% of the selling price. Determine the selling price of the ice-hockey kit if it costs the store $79.81?

Determine the equivalent single rate of discount for the following series of discounts: 15%, 12.5%, 8%.

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

The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?

Determine the equivalent single rate of discount for each of the following series of discounts. a) 18 %, 10.0% b) 50%, 33 %, 5.0%

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

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?

A retailer paid $59.23 for a set of utensils. Overhead is 14% of the regular selling price and profit is 11% of the regular selling price. During a clearance sale, the set was sold at a markdown of 17%. What was the operating profit or loss on the sale?

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

Unique Furniture bought coffee tables for $399.00 less 23%, 10%, 5.5%. The store's overhead expenses come out to be 30% of regular selling price and the target profit is 55% of regular selling price. a) What is the maximum rate of markdown that the store can offer to break even? b) What is the realized rate of markup based on cost if the items are sold at the break-even price?

The cost of a TV to Leons is $377.00. If Leons wants a 30% rate of markup on the selling price, determine the markup.

Determine the net price of a heavy machinery equipment listed at $24,500 less 22%, 12.5%

Kudos furniture sells maple wood bedroom sets for a price of $3560 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 $3382, which they took. (i) How much was the discount for paying cash? (ii) What was the rate of discount on the cash purchase?

A convenience store received an invoice of $10 680 on May 3 with the terms 5/10, 2/15, n/30. What amount will reduce the amount due on the invoice by $7 500.00 if the payment was made on May 20?

Sonia receives an invoice for $981.50 dated September 30, with terms 5/10, 2/20, n/60. She decides to pay it in full on October 25. What is the total amount paid to settle the account?

An invoice for $1121.45 with terms 2/10, n/30 is dated March 7. The contractor received it on March 14. What payment will settle the invoice if the contractor pays it March 20?

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?