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

A gross profit of $800.00 is made on a sale of services.If the gross profit is 15% based on the selling price,what was the cost?

Deep Discount Electronics lists an article for $127.00 less 12.5% and 11.5%.A competitor carries the same article for $137.00 less 15.5%.What further discount (correct to the nearest 1/10 of 1%)must the competitor allow so that its net price is the same as Deep Discount's?

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?

Chris's Photographic Supplies sells a Minolta camera for $551.83.The markup is 72% of cost. a)How much does the store pay for this camera? b)What is the rate of markup based on selling price?

The following invoice was received for 30 shrubs at $3.50 each and 10 raspberry plants at $1.50 each.Terms 4/10,1/30,n/60.If the invoice was dated May 20 and it was paid on May 30 what was the amount of the payment?

An invoice dated on September 30 was received on October 2.It was for 4 pairs of in-line skates at $125.00 each and two pairs of gel roller blades at $110.50 each.The terms of the invoice were 5/10,2/30,n/60.What is the invoice payment amount on October 27?

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?

Mike's Suits and Accessories purchased men's shoes for $97.00 less 25.6%.The store operates at a normal gross profit of 25% of regular selling price.The owner marks all merchandise with new regular selling prices so that the store can offer a 20% discount.What is the new regular selling price?

Alia keeps his savings of $5000 in a current account at TD Bank for 3 years in order to avoid paying any banking fee.The rate of return for the current account is 0%.Mandated discount rate in Ontario is 2.5%.What is the worth of Alia's money in 3 years?

Sears is adding a new line of John Deere lawn mowers.The cost of each such lawn mower is $321.00 with an operating cost of adding this line is estimated to be 40% of the cost of each unit.If Sears matches the competition's retail price of $649 on each lawn mower,what will be the operating profit per unit?

Find the cost of an item sold for $4115 to realize a markup of 36% based on cost.

An invoice dated May 12,terms: 5/10,n/30 for $3000.00 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?

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 store advertises a discount of $54.72 on sandals.If the discount is 33.5%,for how much were the sandals sold?

An invoice for $4755.00,dated March 27,terms 3/10 E.O.M.,was received March 29.What payment must be made on April 10 to reduce the debt to $1900.00?

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 the next day?

The net price of an article is $84.62.What is the list price if a discount of 17% was allowed?

Determine the net price of an article listed at $12 050 less 20%,16%, %.

At Lowe's,each contractor receives 5% discount for his purchases.A contractor buys a saw which is listed at $149 less 10%.What is the actual price paid by the contractor?

The Nursery bought 800 plants auctioned off en bloc for $5550.00 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?