Question 1

The Alpaca Wool Shoppe bought 150 scarves for $4150.00; 50 scarves were sold at a markup of 175% of cost and 30 scarves at a markup of 125% of cost; 40 of the scarves were sold during a clearance sale for $35.50 each and the remaining Scarves were disposed of at 15% below cost.Assume all scarves had the same cost.
a)What was the markup realized on the purchase?
b)What was the percent markup realized based on cost?
c)What was the gross profit realized based on selling price?

Accepted Answer

The answer of The Alpaca Wool Shoppe bought 150 scarves...

Question 2

A discount store lists an article for $875.00 less 25% and 20.5%.a competitor carries the same article for $847.90 less 21.5%.What further discount (correct to the nearest  of 1%)must the competitor allow so that its net price will be the same as that of the discount store?

Accepted Answer

The answer of A discount store lists an article for...

Question 3

Christine Auto Sales and Service has an end of season sale on luxury cars.The original price was $67 998.00.The first discount is 10% and the second discount is 14%.Calculate the final price of the cars.

Accepted Answer

A) $52 630.45 
B) $51 678.48 
C) $61 198.20 
D) $58 478.28 
E) $66 630.45

Question 4

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?

Accepted Answer

A) $103.50 
B) $98.57 
C) $100.40 
D) $98.33 
E) $101.43

Question 5

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?

Accepted Answer

The answer of A retailer paid $59.23 for a set...

Question 6

Eastside Pawn Shop bought items for $241.00 less 13%,20%,11.5%.The store's overhead is 36% of regular selling price and the profit required is 47% of regular selling price.
a)What is the break-even price?
b)What is the maximum rate of markdown that the store can offer to break even?
c)What is the realized rate of markup based on cost if the items are sold at the break-even price?

Accepted Answer

The answer of Eastside Pawn Shop bought items for $241.00...

Question 7

A lathe is listed for $477.00 less 19  %,9%,7.7%.
a)What is the net price?
b)How much is the amount of discount allowed?
c)What is the equivalent single rate of discount that was allowed?

Accepted Answer

The answer of A lathe is listed for $477.00 less...

Question 8

Find the cost of an item that was sold for $4230.00 in order to realize a margin of 113% based on cost.

Accepted Answer

The answer of Find the cost of an item that...

Question 9

United Furniture purchased RF42 model refrigerators from Samsung for $2751 each in 2012.The store marked up the price by 30% of the regular selling price.The store's overheads were estimated to be 10% of the regular selling price of each refrigerator in 2012.Following Christmas,Samsung introduced a new model.In order to make space for the new model,United Furniture decided to sell the RF42 model refrigerators at a markdown of 25%.How much was the operating profit or loss on each refrigerator as a result of the sale?

Accepted Answer

The answer of United Furniture purchased RF42 model refrigerators from...

Question 10

Kahn Motors purchased 2008 an off-lease Nissan Altima from the Nissan dealer for $9850 in 2012.Kahn Motors marked up the price by 20% of the regular selling price.After failing to sell it for 3 months,Kahn Motors decided to sell the car at a markdown of 15%.What is the final sale price of the car?

Accepted Answer

A) $12 312.50 
B) $11 820 
C) $10 047 
D) $10 465.63 
E) $10 368.42

Question 11

A gas generator cost a retailer $400.00 less 20%,17%,3%.It carries a regular selling price on its price tag at a markup of 90% of the regular selling price.During the end-of-season sale,the gas generator is marked down 40%.What is the end-of-season sale price?

Accepted Answer

A) $1030.53 
B) $400.75 
C) $458.01 
D) $1545.79 
E) 545.79

Question 12

The net price of an article is $272.20 after discounts of 21% and 16% have been allowed.What was the list price?

Accepted Answer

The answer of The net price of an article is...

Question 13

An article cost $4270.00 and was sold for $9947.00.What was the percent markup based on selling price (correct to the

Accepted Answer

The answer of An article cost $4270.00 and was sold...

Question 14

Sean's Hardware Supplies sells a snowblower for $750.99.The markup is 70% of cost.
a)How much does the store pay for this snowblower?
b)What is the rate of markup based on selling price?

Accepted Answer

The answer of Sean's Hardware Supplies sells a snowblower for...

Question 15

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?

Accepted Answer

A) $1121.45 
B) $1009.31 
C) $22.43 
D) $1099.02 
E) $1119.45

Question 16

Dave and Lance buy pants for $32.75 less 12.75%,18%.The pants are priced at a regular selling price to cover expenses of 35% of selling price and a profit of 32% of selling price.For a special weekend sale,shirts were marked down 15%.
a)What was the operating profit or loss on the pants sold during the weekend sale?
b)What rate of markup was realized based on the sale price?

Accepted Answer

The answer of Dave and Lance buy pants for $32.75...

Question 17

What is the list price of an article that is subject to discounts of 23.25%,11.2%,4% if the net price is $664.88?

Accepted Answer

The answer of What is the list price of an...

Question 18

Cost of electricity to the grid is calculated in $ per MWh.On a typical day,the Darlington plant produces an average of 84 000 MWh.The OEB recently ruled that Darlington would receive $51 per MWh of electricity produced.The cost of fuel is $5 per MWh.Operations and maintenance costs are $37 per MWh.How much profit will the Darlington plant make in a year?

Accepted Answer

The answer of Cost of electricity to the grid is...

Question 19

Kaz purchases an article with a net price of $114.54 after a discount of 17% was allowed.Calculate the list price.

Accepted Answer

The answer of Kaz purchases an article with a net...

Question 20

Kalotyre sells Bridgestone tires at $141.67 each.They purchase the tires from the factory for $103.11 each.Overhead expenses are 20% of the selling price.Determine the rate of markup on the selling price and the cost price?

Accepted Answer

The answer of Kalotyre sells Bridgestone tires at $141.67 each.They...

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

A discount store lists an article for $875.00 less 25% and 20.5%.a competitor carries the same article for $847.90 less 21.5%.What further discount (correct to the nearest of 1%)must the competitor allow so that its net price will be the same as that of the discount store?