Series Discounts
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Markup/Markdown
Application problems markup/markdown
100
Find the net cost for the following, round to the nearest cent: List price: $14,784 less 15/20
$10,053.12
100
Find the final discount date for the following: Invoice Date Terms Date Goods Received May 13 3/10 prox. May 25
June 10
100
The Windmill Retirement Village purchased park benches at a net cost of $1957.36 after a series discount of 5/8/12. Find the list price.
$2544.93
100
Solve for (a), (b), and (c). 100% C $1582 1. (a) M (b) 124% S (c)
(a) 24% (b) $379.68 (c) $1961.68
100
Midtown Photo buys photo paper for $68.50 per carton of 10 packages. Find the selling price per package if the retailer maintains a markup of 38% on the selling price.
Selling price per package is $11.05
200
Find the net cost (invoice amount) for the following. Round to the nearest cent. List price: $9738 less 10/10/25
$5915.84
200
Find the final discount date for the following: Invoice Date Terms Date Goods Received February 3 2/15 ROG March 8
March 23
200
A daycare purchased playground equipment list priced at 12. $3350 less series discounts of 5/8/8, with terms of 2/10-15 extra. If the daycare paid the invoice within 25 days, find the amount paid.
$2544.93
200
Solve for a), b), c): 100% C c) a) M $5.03 b) S $31.50
(a) 19% (b) 119% (c) $26.47
200
Wesley’s Garden and Patio sells a porch swing for $349 while using a markup of 31% on cost. Find the cost.
Cost is $266.41
300
(a) .66 (b) 34%
Find (a) the net cost equivalent and (b) the single discount equivalent for the following series discounts. 25/12
300
Find the final discount date for the following: Invoice Date Terms Date Goods Received May 27 3/15 EOM June 4
July 15
300
The Electric Outlet offers a digital camera for $1826 less 13. (a) 25/10. The same camera is offered by Majestic Camera for $1784 less 30/5. Find (a) the firm that offers the lower price and (b) the difference in price.
(a) Majestic Camera (b) $46.19
300
Find the equivalent markup on either cost or selling price, using the appropriate (conversion) formula. Round to the nearest tenth of a percent. Markup on Cost Markup on Selling Price 60% ?
Markup on Selling price is 37.5%
300
The Linen Place sells a comforter for $129.80. If the comforter costs the store $94.30, find the markup as a percent of the selling price. Round to the nearest tenth of a percent.
Markup as a % of selling price is 27.3%
400
Find (a) the net cost equivalent and (b) the single discount equivalent for the following series discounts. 30/10/10
(a) .567 (b) 43.3%
400
Find the final discount date for the following: Invoice Date Terms Date Goods Received October 5 2/15-20 extra October 12
November 9
400
The amount of an invoice from Krautheim’s Jewelers is $1349 with terms of 3/15, 2/30, net 60. The invoice is dated May 15. (a) What amount should be paid on May 29? (b) What amount should be paid on June 21?
(a) $1308.53 (b) $1349 full amount
400
Complete the following. If there is no operating loss or absolute loss, write “none”. Operating Break-even Reduced Operating Absolute Cost Expense Point Price Loss Loss $7198 a) $7602 $7500 b) c)
(a) $404 (b) $102 (c) none
400
Old Tyme Pottery pays $32 for a ceramic pitcher. The original selling price was $55, but it was marked down 45%. If operating expenses are 15% of cost, find (a) the operating loss and (b) the absolute loss.
(a) the operating loss is $6.55 (b) the absolute loss is $1.75
500
The following invoice below was paid on April 2. CALCULATOR PLUS WHOLESALER Terms: 5/10, 3/15, n/20 March 21 Quantity Description Unit Price Extension Total 25 Scientific calculator 17.45 ea. 25 Graphing calculator 75.92 ea. 20 Financial calculator 21.90 ea. Shipping and Insurance $83.15 Find: (a) Invoice Total (b) Due after Cash Discount (c) Total Amount Due
(a) $2772.25 (b) $2689.08 (c) $2772.23
500
An invoice of $3140 from Pierre’s Bistro has cash terms of 3/20 EOM and is dated September 14. Find (a) the final date on which the cash discount may be taken and (b) the amount necessary to pay the invoice in full if the cash discount is earned.
(a) October 20 (b) $3045.80
500
The Van Netta Dental Center receives an invoice dated 15. February 10 for $1735 with terms of 3/10 prox. If the invoice is paid on March 8, find the amount necessary to pay the invoice in full.
$1682.95
500
Gene’s Hardware offers wall hooks for $.69 each. If the hooks cost $127.50 for a box of 250. Find (a) the markup per hook, (b) the percent of markup on selling price, and (c) the percent of markup on cost. Round to the nearest tenth of a percent.
(a) $.18 (b) 26.1% (c) 35.3%
500
Emilio’s Mexican Cuisine receives an invoice amounting to $1784 with cash terms of 2/14 prox. and dated June 19. If a partial payment of $1000 is made on July 1, find (a) the credit given for the partial payment and (b) the balance due on the invoice
(a) $1020.41 (b) $763.59
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