Reference no: EM132830603

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 the 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 the nearest 100th.

3. A 14% discount on a dryer that Gell-Mann purchased, amounted to $70.00. Calculate the net price. Round to the nearest 100th.

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? Give your answer in percentage to the 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 the 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 the 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 the 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 the 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 the 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 the nearest 100th.

11. 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 the nearest 100th.

12. 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? Round to the nearest 100th.

13. 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 the nearest 100th.

14. 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 the nearest 100th.

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

15. 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 the nearest 100th.

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

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

a) Compute the markdown. Round to the nearest one.

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

17. 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 the nearest 100th.

18. 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.

19. 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 the nearest 100th.

20. 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 the nearest 100th.

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