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the regular selling price of an item 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

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QUA0002 – Assignment  # 1 (10 %)
 
There are 25 questions distributed over 20 exercises; each question is worth 1 point for a total of 25,  then converted to base 10.
 Kindly answer all questions and show your work.
 
EXERCISES

  1. A hitch and trailer listed at $2149.00 has a net price of $1360.00. What is the rate of 
    discount? Give your answer in percentage rounded to nearest 100th.


  2. Rina Boutique advertises a discount of $54.72 on sandals. If the discount is 33.5%, for 
    how much were the sandals sold? Round to nearest 100th.


  3. A 14% discount on a dryer that Gell-Mann purchased, amounted to $70.00. Calculate the 
    net price. 


  4. A microscope is listed for $477.00 less 19 2/3 %, 9%, 7.7%. What is the equivalent single 
    rate of discount that was allowed? Round to nearest 100th. 


  5. Lamb 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 (percentage) must Lamb offer to meet the competitor's price? Round to 
    nearest 100th.


  6. 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? Approximate to the 
    nearest 100th. 


  7. What amount will reduce the amount due on an invoice of $9410.25 by $842.00 if the terms 
    of the invoice are 5/10, n/30 and the payment was made during the discount period?
    Approximate to nearest 100th. 


  8. On 19 June, an invoice dated 18 June for $6250.00 less 17%, 16%, terms 5/10, n/30, was 
    received by Heisenberg Distributors. What is the amount due if the invoice is paid in 
    full on 27 June? Round to nearest 100th. 


  9. The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, 
    n/90, for a shipment of skis. Calculate the partial payments made 20 July to reduce the 
    balance to $4000.00 Round to nearest 100th.


  10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with 
    terms 5/20, n/45 for: 10 wood trays at $37.45 each; 35 wood planters at $43.75 each;
    50 wood bowls at $37.25 each.

    a)What is the amount due if the invoice is paid in full on September 6? Round to nearest 100th.

b)If only a partial payment is made on the last day  of the discount period, what amount is due to reduce the outstanding balance to $1500.00? Round to nearest 100th. 



  1. An invoice for $4755.00, dated 27 March, terms 3/10 E.O.M., was received 29 March. What 
    payment must be made on 10 April to reduce the debt to $1900.00? Round to nearest 100th. 


  2. Aronian Import received an invoice dated January 5 for a shipment of goods received 
    January 11. The invoice was for $5525.00 less 40%, 8% with terms 3/20 R.O.G. How much 
    must Aronian Import pay on January 20th to reduce its debt by $3000.00? 


  3. Find the cost of an item that was sold for $4230.00 in order to realize a margin of 113% 
    based on cost. Round to nearest 100th. 


  4. Karpov Dealers bought tires from a wholesaler at $75.00 dollars each and sold them 
    at a mark-up of 25% of cost.

    a)Calculate the selling price of one tire. Approximate to nearest 100th.

    b)Calculate the rate of markup based on the selling price of one tire. Approximate to nearest 100th.


  5. Hume's pet shop purchases cat litter for $15.00 less 20% per bag. The store's overhead is 45% 
    of cost and Hume requires a profit of 20 % of cost.

    a)For how much should a bag be sold?  Round to nearest 100th.

b)Calculate the amount of markup.  Approximate to nearest 100th.



  1. A bike shop reduces the price of a bike for quick sale from $455.00 to $395.00.

    a)Compute the markdown.  

    b)Compute  the markdown rate in percentage to the nearest 100th. 


  2. 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? Approximate to nearest 100th. 


  3. A furniture store sold a bed regularly priced for $990.00 for $720.00. The bed was 
    originally purchased for $600.00 less 40%. The store's overhead is 25% of the regular 
    selling price. Calculate the rate of markdown (as percentage to nearest 100th) at which 
    the bed was sold. Round to nearest 100th.


  4. A furniture store sold a bed regularly priced for $990.00 for $720.00. The bed was 
    originally purchased for $600.00 less 40%. The store's overhead is 25% of the regular 
    selling price. Calculate the operating profit or loss at the sale price. Round to nearest 100th.


 
 

  1. An answering machine cost a dealer $220.00 less 31.5%, 7%. It is regularly priced at 
    $212.00. The dealer's overhead is 17% of the regular selling price and the answering 
    machine was cleared out for $175.45.

    a)What is the regular markup based on selling price? Round to nearest 100th.

    b)What was the rate of markdown at which the  answering machine was sold? Round to nearest 100th. 


Total:   /25   or    /10

A few months later, Kyle was responsible for turning in an inventory-cost sheet that shows items sold, cost, and selling price, as well as profit for the week. However, he walked outside with the cost sheet in hand while it was raining, and some of the data were smudged. Does Kyle have enough data to fill in the missing information? If so, complete the inventory cost chart.

Product Cost Markup  Selling Price Profit per Item Items Sold Total Profit
Tablet $250 15%     4  
Flat Screen TV $600   $750 $150   $3,150
MP3 Player   40%     18  
Totals N/A N/A N/A N/A 43 $3,948

A few months later, Kyle was responsible for turning in an inventory-cost sheet that shows items sold, cost, and selling price, as well as profit for the week. However, he walked outside with the cost sheet in hand while it was raining, and some of the data were smudged. Does Kyle have enough data to fill in the missing information? If so, complete the inventory cost chart.

Product Cost Markup  Selling Price Profit per Item Items Sold Total Profit
Tablet $250 15%     4  
Flat Screen TV $600   $750 $150   $3,150
MP3 Player   40%     18  
Totals N/A N/A N/A N/A 43 $3,948

 

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