Vocab & Concepts
Business expenses are separated into these two major categories
What are the cost of goods sold and operating expenses?
Calculate the selling price of a bookcase that cost $32.40 with a $21.50 markup.
What is $53.90?
What is the percent markup on the selling price of a HP printer with a selling price of $400 and a markup of $188?
47%
Calculate the amount of markdown and the markdown percent of a 3D printer that originally sold for $625 and was then put on sale for $499.95.
Markdown = $125.05
Markdown % = 20%
Products that have a shelf life or expire
What are perishable goods?
What is the markup of wallet that was bought at cost for $25.69 and sold for $44.95?
The markup is $19.26
What is the selling price of a gel pen with a cost of $1.25 and a 45% markup based on selling price?
$2.27
What is the sale price of a riding lawn mower that originally sold for $3,000 and was then marked down by 22%?
$2,340
A price reduction from the original selling price of the merchandise.
What is the markdown?
OfficeMax adds a $4.60 markup to staplers and sells them for $9.95. What were the staplers at cost AND what is the percent markup based on cost?
At cost, the staplers were $5.35.
The %Markup based on cost is 86%
What is the most a gift shop owner can pay for a designer bag if she expects to sell it for $65.50 if they need a 47% markup based on selling price?
$34.72
What is the original selling price of a weight bench, which is currently on sale at Academy Sports for $239.99 after a 25% markdown?
$319.99
Markdown divided by original price.
What is the markdown percent equation?
A calculator costs $25. If the markup is $10, what is the percent markup based on cost?
40%
If running shoes are marked up 60% based on cost, what is the corresponding percent markup based on selling price?
37.5%
Harvey's Pool & Spa had hot tubs for sale at $125 with a 60% markup based on selling price.
1) What was their cost from the wholesaler?
2) By the end of the year they were marked down 25%, marked up 15%, marked down 20%, and on clearance with a 25% off sale. What was the final selling price?
At cost, the hot tubs were $50.
MD1 = $93.75
15% Markup = $107.81
MD2 = $86.25
Final selling price = $64.69
The amount added to the cost of an item to cover the operating expenses and profit.
What is the markup, markon, or margin?
A desk costs $260 to manufacture. What should the selling price be if a 60% markup based on cost is desired?
$416
If an air fryer is marked up 48% based on selling price, what is the corresponding percent markup based on cost?
92.3%
Stellas Bakery makes fresh pastries every day. 100 pastries are made at a cost of $2.50 each. A 12% spoilage rate is anticipated. At what price should each pastry be sold to achieve a 65% markup based on selling price?
The pastries should be sold at $8.12 each.