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

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

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

A calculator that cost $48.50 was sold for $65.96.Calculate the rate of mark-up based on cost price.

A store has an end of season sale on snow blowers.The original price was $679.98.The first discount is 10% and the second discount is 14%.What is the final sale price of the snow blowers?

OPG received an invoice from its supplier on May 9 for $32 479.87 dated May 7 with terms 3/10,1/20,n/60.OPG always makes full payment on the first working day 25^th of a given month.What payment will settle the account?

A fridge was sold during a clearance sale for $657.00.If the fridge was sold at a discount of 24%,what was the list price?

Canadian Tire lists a lawn mower at $449 less 20%.What is the net price of the lawn mower?

A 47% discount allowed on an article amounts to $3.57 What is the net price?

The Local Dollar Store received an invoice for $8500.00 dated January 31,terms 5/10,2/30,n/90,for a shipment of skis.The Local Dollar Store made two partial payments. a)How much was paid on February 7 to reduce the unpaid balance to $5000.00? b)How much was paid on March 1 to reduce the outstanding balance by $1500.00? c)What was the outstanding balance on the account on March 2? d)How much did the Local Dollar Store save by taking the advantage of the cash discounts?

Barmby's Aquarium Supplies purchased sets of aquariums for $315.00 less 10%,12%.Expenses are 21% of the regular selling price and the required profit is 42% of the regular selling price.The store decided to change the regular selling price so that it could offer a 20% discount without affecting its margin.During the Christmas season,the unsold sets were advertised at a discount of 40%.What operating profit or loss was realized on the sets sold during the Christmas season?

Big Boy Clothing Store lists an article for $99.00 less 20% and 15%.A competitor carries the same article for $115.00 less 18%.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?

The Llama Wool Shoppe bought 225 wool overcoats for $16 875; 75 overcoats were sold at a markup of 160% of cost and 100 overcoats at a markup of 115% of cost; 20 of the overcoats were sold during a clearance sale for $130.00 each and the remaining overcoats were disposed of at 11% below cost.Assume all overcoats had the same cost.What was the markup realized on the purchase?

The Amusement Park bought 1200 t-shirts auctioned off en bloc for $6600.00.This means that each t-shirt has the same cost.On inspection,the t-shirts were classified as normal quality,seconds,and substandard.The 640 normal quality t-shirts were sold at a markup of 95% of cost,the 330 t-shirts classified as seconds were sold at a markup of 35% of cost,and the t-shirts classified as substandard were sold at 47% of their cost.What was the unit price at which each of the three classifications was sold?

An invoice dated on March 31 was received on April 2.It was for 30 training manuals at $25.00 each and four posters at $40.00 each.The terms of the invoice were 5/10,2/30,n/60.What is the invoice payment amount on April 3?

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

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 natural gas oven cost a retailer $420.00 less 37%,22%,3.75%.It carries a regular selling price on its price tag at a markup of 65% of the regular selling price.During the end-of-season sale,the barbecue is marked down 42%. a)What is the end-of-season sale price? b)What rate of markup based on cost will be realized during the sale?

Burke Company received an invoice dated November 18 for a shipment of goods received November 21.The invoice was for $9255.00 less 40%,13.375% with terms 5/10,3/20,n/45.How much must Burke pay on December 2 to reduce its debt a)by $2000.00? b)to $2000.00? c)if Burke Company makes a partial payment of $4000 on November 25,how much should be credited to the account

What is the list price of an article that is subject to discounts of 40.5%,10.4%,5.0% if the net price is $650.00?

A piece of jewellery costing $150 was marked up by 40% of the selling price.During the stores silver jubilee sale,the selling price was reduced to $175.What was rate of markdown during the sale?