Question 1

Mining equipment was purchased at a wholesale price of $1,365 less 35% and 5%. The retail price is based on a 31% mark-up on cost. The retailer's operating expenses is approximately 10% of the selling price. Determine the profit or loss realized if the product is put on sale for $938.56.

Accepted Answer

The answer of Mining equipment was purchased at a wholesale...

Question 2

A bedroom suite costs Town & Country Furniture $2,500 less 30% and 15%. The normal rate of mark-up on cost is 90%. The suite is marked down 30% in a Mid-Summer sale. What is the sale price?

Accepted Answer

The answer of A bedroom suite costs Town & Country...

Question 3

After all discounts, the net cost of a product was $690.68. The regular retail price of the product was $946.23. Operating expenses associated with the product were $124.32. If the product was sold to actually realize a 16.45% mark-up, then determine the discounted retail price.

Accepted Answer

The answer of After all discounts, the net cost of...

Question 4

Given the following:
 Determine:
a) The amount of mark-up.
b) The amount of operating (overhead) expenses.
c) The operating profit or loss.
d) The rate of mark-up on cost.
e) The rate of mark-up on selling price.

Accepted Answer

The answer of Given the following:
 Determine:
a) The amount of...

Question 5

M Studios sells a camera lens for $300. During their annual August sale, the camera lens is reduced by 15%. What is the sale price?

Accepted Answer

The answer of M Studios sells a camera lens for...

Question 6

M Studios is ordering a new type of camera, which costs $315. M Studios allows 35% of cost for operating expenses and 20% of cost for profit. What selling price should M Studios advertise the camera at?

Accepted Answer

The answer of M Studios is ordering a new type...

Question 7

Stanford Marketing Inc. received an invoice for $7,500 on April 10, with terms 3/10, n/30, EOM. Stanford submitted a payment of $5,000 on May 10. What is the outstanding balance on the invoice after the payment is made?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 8

What total amount must be paid on June 19 to settle invoices dated June 1 for $600, June 5 for $300, and June 9 for $400, all with terms 3/10, 2/15, n/30?

Accepted Answer

The answer of What total amount must be paid on...

Question 9

After all discounts, the net cost of a product was $399.43. The regular retail price of the product was $495.29. Operating expenses associated with the product were $39.94. If the product was sold to actually realize a 5.40% mark-up, then determine the discounted retail price.

Accepted Answer

The answer of After all discounts, the net cost of...

Question 10

Cliff sells memberships at his karate club for $500 per year. His nearest competitor is offering a special price during the last two weeks of December of $425 per year. What rate of markdown will Cliff have to offer to match his competitor's price?

Accepted Answer

The answer of Cliff sells memberships at his karate club...

Question 11

An item costing $50 was marked up 40% of the cost price and then reduced for a quick sale by 40% of the selling price. What was the sale price?

Accepted Answer

The answer of An item costing $50 was marked up...

Question 12

A payment of $727.50 was made on May 7 on an invoice totalling $3,000.00 dated April 27 with terms 3/10, 1/15, n/30. What amount is still owed?

Accepted Answer

The answer of A payment of $727.50 was made on...

Question 13

Under what unusual circumstances will the rate of mark-up on cost equal the rate of mark-up on selling price?

Accepted Answer

The answer of Under what unusual circumstances will the rate...

Question 14

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25^th?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 15

What is the profit on a unit, which costs $21.60 and sells for $49.95, when operating expenses are expected to be 25% of cost?

Accepted Answer

The answer of What is the profit on a unit,...

Question 16

An invoice for $2,956.60, dated February 2, has terms 2/15, 1/30, n/90. What three equal payments on February 17, March 2, and May 2 will settle the account?

Accepted Answer

The answer of An invoice for $2,956.60, dated February 2,...

Question 17

An item sells for $85. The cost of the item is $50 and overhead expenses are estimated to be 25% of the selling price. What is the rate of mark-up on selling price of the item?

Accepted Answer

The answer of An item sells for $85. The cost...

Question 18

Given the following:
 Determine:
a) The amount of mark-up.
b) The amount of operating (overhead) expenses.
c) The operating profit or loss.
d) The rate of mark-up on cost.
e) The rate of mark-up on selling price.

Accepted Answer

The answer of Given the following:
 Determine:
a) The amount of...

Question 19

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 1/10, n/30, EOM. What amount will reduce the outstanding balance to $2,000 if paid on September 9?

Accepted Answer

The answer of Stanford Marketing Inc. received an invoice for...

Question 20

What payment must be made on April 5 on an invoice for $2,250, dated March 16 with terms 2/10, 1/20, n/30 in order to reduce the outstanding balance to $1,500?

Accepted Answer

The answer of What payment must be made on April...

Quiz 4: Mathematics of Merchandising

Mining equipment was purchased at a wholesale price of $1,365 less 35% and 5%. The retail price is based on a 31% mark-up on cost. The retailer's operating expenses is approximately 10% of the selling price. Determine the profit or loss realized if the product is put on sale for $938.56.

A bedroom suite costs Town & Country Furniture $2,500 less 30% and 15%. The normal rate of mark-up on cost is 90%. The suite is marked down 30% in a Mid-Summer sale. What is the sale price?

After all discounts, the net cost of a product was $690.68. The regular retail price of the product was $946.23. Operating expenses associated with the product were $124.32. If the product was sold to actually realize a 16.45% mark-up, then determine the discounted retail price.

Given the following: Determine: a) The amount of mark-up. b) The amount of operating (overhead) expenses. c) The operating profit or loss. d) The rate of mark-up on cost. e) The rate of mark-up on selling price.

M Studios sells a camera lens for $300. During their annual August sale, the camera lens is reduced by 15%. What is the sale price?

M Studios is ordering a new type of camera, which costs $315. M Studios allows 35% of cost for operating expenses and 20% of cost for profit. What selling price should M Studios advertise the camera at?

Stanford Marketing Inc. received an invoice for $7,500 on April 10, with terms 3/10, n/30, EOM. Stanford submitted a payment of $5,000 on May 10. What is the outstanding balance on the invoice after the payment is made?

What total amount must be paid on June 19 to settle invoices dated June 1 for $600, June 5 for $300, and June 9 for $400, all with terms 3/10, 2/15, n/30?

After all discounts, the net cost of a product was $399.43. The regular retail price of the product was $495.29. Operating expenses associated with the product were $39.94. If the product was sold to actually realize a 5.40% mark-up, then determine the discounted retail price.

Cliff sells memberships at his karate club for $500 per year. His nearest competitor is offering a special price during the last two weeks of December of $425 per year. What rate of markdown will Cliff have to offer to match his competitor's price?

An item costing $50 was marked up 40% of the cost price and then reduced for a quick sale by 40% of the selling price. What was the sale price?

A payment of $727.50 was made on May 7 on an invoice totalling $3,000.00 dated April 27 with terms 3/10, 1/15, n/30. What amount is still owed?

Under what unusual circumstances will the rate of mark-up on cost equal the rate of mark-up on selling price?

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25th?

What is the profit on a unit, which costs $21.60 and sells for $49.95, when operating expenses are expected to be 25% of cost?

An invoice for $2,956.60, dated February 2, has terms 2/15, 1/30, n/90. What three equal payments on February 17, March 2, and May 2 will settle the account?

An item sells for $85. The cost of the item is $50 and overhead expenses are estimated to be 25% of the selling price. What is the rate of mark-up on selling price of the item?

Given the following: Determine: a) The amount of mark-up. b) The amount of operating (overhead) expenses. c) The operating profit or loss. d) The rate of mark-up on cost. e) The rate of mark-up on selling price.

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 1/10, n/30, EOM. What amount will reduce the outstanding balance to $2,000 if paid on September 9?

What payment must be made on April 5 on an invoice for $2,250, dated March 16 with terms 2/10, 1/20, n/30 in order to reduce the outstanding balance to $1,500?

Stanford Marketing Inc. received an invoice for $3,500 on August 19, with terms 2/10, n/30, ROG, for goods received October 15. What amount will reduce the outstanding balance to $2,000 if paid on October 25^th?