Exam 8: Markup and Markdown

The markup on a new diamond ring should be 25% based on selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup?

A dishwasher that previously sold for $609.99 has been reduced to $573.39. What is the markdown percent? (Round to the nearest whole percent)

The selling price for a new Superbike brand bicycle is $325. If a 50% markup was used, what was the cost to the retailer? ​The solution for the above problem is $162.50

If a mountain bike originally cost the retailer $299.95, how much will a customer have to pay for it, if it is marked up by $85.50?

Winston & Company buys skateboards from the distributor for $49.60 each. If the skateboards are sold for $89.99, what is the percent markup based on selling price? (Round to the nearest tenth of a percent)

The basic retailing equation states that the selling price of an item is equal to the ____________________ plus the markup.

To calculate the percent markup based on the selling price (also known as the rate), you would use the following formula: ​ ​ $\frac { \text { Selling Price (base) } } { \text { Markup (portion) } }$

2,400 bushels of corn were purchased at $5 per bushel. The desired markup is 35% based on selling price, but 25% spoilage is expected. What should the selling price per bushel be? (Round to the nearest cent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Amount of Selling \% Markup based on \% Markup Based on Selling Item Cost Markup Price Cost Price Bicycle \ 236.25 \ 315.00

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Amount of Selling \% Markup based on \% Markup Based on Selling Item Cost Markup Price Cost Price Truck \ 18,249.00 \ 1,164.83

The markup on a video camera should be 37% based on selling price. If the seller paid $390 for one, then how much should it be sold for to achieve the desired markup? (Round to the nearest cent)

A sailboat that previously sold for $13,499.95 has been marked down 48%. What is the sale price? (Round to the nearest cent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Amount of Selling \% Markup based on Markup Based on Selling Item Cost Markup Price Cost Price Dress 96.00 66.7\%

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: Amount of Selling \% Markup based on Markup Based on Selling Item Cost Markup Price Cost Price i Phone \ 82.00 16.4\%

The spoilage rate on a shipment of wheat is expected to be 20%. It was purchased at a cost of $5.35 per bushel. What should the selling price per bushel be to achieve a markup of 6% based on selling price? (Round your answer to the nearest cent)

To manufacture a dining set, it costs $1,400. If the desired percent markup based on cost is 85%, how much should each dining set sell for?

The Mills Lunch Shop prepares fresh take-out entrees each day. On Tuesday, 40 baked chicken dinners were prepared at a cost of $3.20 each. A 20% spoilage rate is anticipated. Mills Lunch Shop sells the dinners at an 80% markup based on cost. They decided to offer a $1.00-off coupon in a newspaper advertisement. What markdown percentage does this coupon represent? (Round to the nearest tenth of a percent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: \% Markup \% Markup Based Amount of Selling based on on Selling Item Cost Markup Price Cost Price Skateboard \ 125.00 22.4\%

To manufacture a certain desk, it costs $135. If the desired percent markup based on cost is 25%, how much should each desk sell for?

The basic retailing equation states that the cost of an item is equal to the selling price plus the markup.