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%

Relevance
• 10 years ago

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.