Anonymous
Anonymous asked in Education & ReferenceHomework Help · 10 years ago

can anyone help me how to do this "markup" price and "new Profit" math please?

okay answers i dont mind, but it would reeealllyy help me if someone showed me how to find the answer :)

3. Jerome Washington owns a small-engine repair shop. Recently, he bought a used lawn mower for $25. He spent $40.79 on parts to repair the mower, then he put it on sale in his shop for $110. What is the markup on the lawn mower?

A) $69.21

B) $40.19

C) $65.54

D) $44.21

5. Nakesha Sporting Goods recently put baseball equipment on sale. The sale price on bats is $22.49. The cost to Nakesha was $15.25. What is the markup rate based on the sale price for the bats?

A) 32.2%

B) 80.6%

C) 16.1%

D) 54.7%

6. Jameel Hardware sells door locksets for $74.99, including installation. The company hires subcontractors to install the locksets. The subcontractors receive $22.00 per lockset installed. Other overhead costs total $7.56 per set. If Jameel Hardware pays $32.55 for each lockset, what is the company’s net profit?

A) $20.74

B) $34.88

C) $12.88

D) $6.44

7. BBK Electronics sells 27-inch TV sets with its private label for $309. BBK pays $110 for the TV sets. Overhead costs for the TVs are estimated to be 35 percent of the selling price. What is the net profit?

A) $160.50

B) $90.85

C) $199.00

D) $108.15

8. Sam Oberlin manages a camping equipment store. He buys knives for $9.27 each, and sells them for $22.95. The overhead is estimated at 10 percent of the selling price. What is the net profit on each knife sold?

A) $11.38

B) $10.94

C) $14.95

D) $22.95

9. AJs, a national discount clothing store, is selling juniors’ cotton sweaters for $32.99 each. The markup on each sweater is $15.88, and the overhead is estimated at 35 percent of the selling price. What is the net-profit rate based on selling price?

A) 13.1%

B) 65.0%

C) 35.0%

D) 16.9%

10. Ty Corner Deli purchases hot Chinese mustard for $1.12 per jar. It then sells the mustard to its customers for $2.19. The deli’s overhead is 27 percent of the selling price. What is the net-profit rate based on selling price on each jar of mustard?

A) 73.1%

B) 47.3%

C) 21.9%

D) 35.2%

11. Indira’s Exotic Plant Nursery has marked down some of its medium-sized indoor plants by $12.00. The regular selling price for these plants is $29.99. What is the markdown rate based on selling price?

A) 20%

B) 30%

C) 40%

D) 50%

13. ABC Jewelers marked down silver chain necklaces. Twenty-two inch chains used to sell for $59.79. They are now available at $41.99. What is the markdown rate based on selling price?

A) 17.3%

B) 32.7%

C) 29.8%

D) 65.4%

1 Answer

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  • 10 years ago
    Favorite Answer

    3. D. The markup is Selling Price - cost. In this case, cost = purchase price + parts

    110 - (25 + 40.79) = $44.21

    5. A. Sale price = 22.49. Cost = 15.25. You're told to base the markup on the selling prince, so it's

    (22.49 - 15.25)/22.49, then multiply by 100 to make it a percentage.

    6. C. This works the same way as 3. Selling price - (purchase price + subcontractors fee + overheads)

    74.99 - ( 32.55 + 22.00 + 7.56) = $12.88

    7. B. Profit = Selling price - (cost + overhead). overhead is 35% of the Selling price.

    Profit = 309 - 110 + 0.35*309 = $90.85

    You should be able to do 8, 9 and 10, as they work the same way.

    11. C. The new selling price is 29.99 - 12.00 = 17.99. So the markdown rate based on (original) selling price is (12.00/29.99)*100 = 40%

    13 works the same way.

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