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?
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?
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?
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?
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?
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?
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?
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?
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?
- Old BookwormLv 710 years agoFavorite 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.