Exam 6: Trade Discounts, cash Discounts, markup, and Markdown

On June 18,an invoice dated June 18 for $6250.00 less 17%,16%,terms 5/10,n/30,was received by Nova Distributors. a)What is the last day of the discount period? b)What is the amount due if the invoice is paid in full within the discount period?

Alpha computing is importing mother boards at a unit cost of $178.Alpha estimates that operating expenses per unit are 35% of cost.What should the selling price be if the desired operating profit per unit is 30% of the cost?

An answering machine cost a dealer $220.00 less 31.5%,7%.It is regularly priced at $212.00.The dealer's overhead is 17% of the regular selling price and the answering machine was cleared out for $175.45. a)What is the regular markup based on selling price? b)What was the rate of markdown at which the answering machine was sold? c)What was the operating profit or loss? d)What rate of markup based on cost was realized?

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

Daffodil Supplies received a partial payment of $2300.50 from J&K Landscape company on June 7 on an invoice of $7539 dated May 12,terms 5/10,3/30,n/60. a)For how much should the Daffodil Supplies credit J&K Landscape's account for the payment? b)How much does J&K Landscape still owe on the invoice?

Bargain City bought desks for $175.00 less 29%,21%,13%.The store's overhead is 65% of cost and normal profit is 27% of cost. a)What is the regular selling price of the desks? b)At what price can the desks be put on sale so that the store incurs an operating loss of no more than 30% of the overhead? c)What is the maximum rate of markdown at which the desks can be offered for sale in part b)?

A bike shop reduces the price of a bike for quick sale from $455.00 to $395.00.Compute the markdown correct to the

A tire dealer bought tires from a wholesaler at $75.00 dollars each and sold the tires at a mark-up of 25% of cost. a)Calculate the selling price of the tires. b)Calculate the rate of markup based on the selling price.

Find the cost of a car sold for $25 000 to realize a markup of 8% based on cost.

Compute the rate of discount allowed on a cordless drill that lists for $149.99 and is sold for $79.99.

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?

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

A retailer buys an appliance for resale at $2123.00 less 27%,20%.The store marks the merchandise to cover expenses of 23% of the regular selling price and a net profit of 12.9% of the regular selling price.During a clearance sale,the appliance is sold at a markdown of 22%.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?

Determine the equivalent single rate of discount for the following series of discounts.Discount of 20%,15% and 5%.

The Paintball Park bought 100 paint ball guns auctioned off en bloc for $7889.00.This means that each gun has the same cost.On inspection,the guns were classified as high quality,medium,and low quality.The 70 high quality guns were sold at a markup of 135% of cost,the 22 guns classified as medium were sold at a markup of 36% of cost,and the guns classified as low quality were sold at 73% of their cost.What was the unit price at which each of the three classifications was sold?

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

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.

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?

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?