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

The regular selling price of merchandise sold in a store includes a margin of 62% based on selling price.During a sale,an item which cost the store $231.25 was marked down 47%.For how much was the item sold?

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 gross profit of $181.00 is made on a sale.If the gross profit is 22.5% based on selling price,what was the cost?

Lumber Queen sells 4x8 sheets of drywall for $8.00 each less 14%.Its competitors across town offer the same drywall for $12.00 less 30%,20%.What additional rate of discount must Lumber King offer to meet the competitor's price?

An invoice for $5999.00,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?

Uptown Goldsmith sells watches for $840.00 less 12.55%.Its competitors across the street offer the same type of watch for $860.00 less 13.25%,11.5%.What additional rate of discount must Uptown offer to meet the competitor's price?

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

A power ice auger cost a retailer $327.00 less 13%,17%,2.25%.It carries a regular selling price on its price tag at a markup of 94% of the regular selling price.During the end-of-season sale,the power ice auger is marked down 30%.What is the end-of-season sale price?

An article that costs $542.50 was marked up to reflect 30% of the selling price.Calculate the selling price.

The net price of an article is $125.46.What is the list price if a discount of 38% was allowed?

A hitch and trailer listed at $2149.00 has a net price of $1360.00.What is the rate of discount?

A retailer buys a computer for resale at $500.00 less 35%,10%.The store marks the merchandise to cover expenses of 15% of the regular selling price and a net profit of 24% of the regular selling price.During a clearance sale,the appliance is sold at a markdown of 25%.What is the operating profit or loss?

An invoice for $6200.00,dated May 28,3/10,1/20,n/60,was received on May 30.What payment must be made on June 5 to reduce the debt to $4760.00?

Kia Soul is sold at an MRSP of $18 500.In May 2013,Kia offered two incentives to its customers.The first incentive was cash back of $2000 on the final sale price,which includes 13% HST.The other one was no HST MRSP.Which incentive resulted in lesser cost to the customer?

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?

A store advertises a discount of $10.00 on a shirt.If the discount is 30%,for how much was the shirt sold?

A 12 % discount on a pair of washer and dryer that Gayle purchased,amounted to $156.00.Calculate the net price.

A gross profit of $96.00 is made on a sale.If the gross profit was 52% based on selling price,what was the cost?

A value-oriented store buys video recorders for $230.75 less 42%,11.5%.Expenses are 65% of normal selling price and the required profit is 13% of normal selling price.All merchandise is marked so that the store can advertise a discount of 55%,while still maintaining its regular margin.During the annual clearance sale,the price of the unsold item is marked down 70%.What operating profit or loss is made by the store on items sold during the sale?

Fred's Electric Supplies sells an electric women's shaver for $112.83.The markup is 39% of cost.How much does the store pay for this electric razor?