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Exam 8: Markup and Markdown

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Question 41

True/False

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Markdowns should not be regarded as losses.

A) True
B) False

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Question 42

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A desktop computer costs a company $315.42 to manufacture. If it sells for $827, what is the percent markup based on cost? (Round to the nearest whole percent)

A) 58%
B) 114%
C) 162%
D) 20%

E) A) and D)
F) A) and C)

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Question 43

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Calculate the corresponding percent markup, rounding to the nearest tenth percent: $\begin{array}{llcc} \text { Percent Markup } & \text { Percent Markup } \\\underline{ \text { Based on Cost}} &\underline{ \text { Based on Selling Price }} \\&33.3\%\\\end{array}$

Most retailers use cost figures as the basis for their markups, because these figures are readily available to them.

Stanley's Salon needs to purchase hairspray for it's chain of store locations to be sold at its merchandise counter. UltraHold retails for $15 per bottle. ​If the target markup rate is 30%, the most Stanley can pay per bottle is $9.00.

The wholesale cost of a Digital Sound system is $1,850. The original markup was 61% based on selling price. Find the final sale price after the following series of price changes: a markup of 14%, a markup of 47%, and a markdown of 30%. (Round each intermediate selling price to the nearest cent)

The Sweet Candy Shop buys 600 pounds of chocolate covered strawberries at $5.59 per pound. If a 10% spoilage rate is anticipated, at what price per pound should the strawberries be sold in order to achieve a 60% markup based on cost? (Round to the nearest cent)

A purchaser just paid $32,352.94 for a pickup truck. If 49% was the seller's markup, based on the selling price, then what was the cost of the pickup truck? (Round to the nearest whole dollar)

Calculators cost the manufacturer $2.16 each to produce. If a markup of $2.16 is added to the cost, what is the selling price?

A television set that previously sold for $319.95 has been reduced to $303.95. What is the markdown percent? (Round to the nearest whole percent)

The Soft Step Floor Company purchases carpeting for $5.12 per square yard and marks it up 55% based on the selling price. What is the selling price per square yard? (Round to the nearest cent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text { Candy Bar }\end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\$.82\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\\\\end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Price}}\\\\\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\250\%\end{array}\end{array}$

A buyer for a department store is looking for a line of sweaters to retail at $80 each. If a 56% markup based on selling price is the objective, what is the most the buyer can pay for the sweaters and still get the intended markup?

It costs $1,540 to manufacture a violin. If the violin sells for $1,905, what is the percent markup based on selling price? (Round to the nearest whole percent)

Calculate the corresponding percent markup, rounding to the nearest tenth percent: $\begin{array}{llcc} \text { Percent Markup } & \text { Percent Markup } \\\underline{ \text { Based on Cost}} &\underline{ \text { Based on Selling Price }} \\&46\%\\\end{array}$

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array} { l l l l l l } & & \text { Amount of } & \text { Selling } & \begin{array} { l } \text { \% Markup } \\\text { based on }\end{array} & \begin{array} { l } \% \text { Markup Based } \\\text { on Selling }\end{array} \\\text { Item } & \text { Cost } & \text { Markup } & \text { Price } & \text { Cost } & \text { Frice } \\\text { Candy } & & \$ 0.23 & \$ 0.73 & &\end{array}$

A mattress is currently on sale for $504.96. If the markdown percent is 36%, what was the original price?

A client just paid $40,500 for a diamond necklace. If the percent markup based on cost is 115%, what was the cost?

A refrigerator costs a company $1,600 to manufacture. If it sells for $3,456, what is the percent markup based on cost? (Round to the nearest whole percent)

500 pounds of apples were purchased at $0.35 per pound. The desired markup is 30% based on selling price, but 18% spoilage is expected. What should the selling price per pound be? (Round your answer to the nearest cent)