Exam 8: Mathematics of Selling

Solve the problem. -A furniture store has an average inventory of $5,398 at retail, and an average inventory of $3,757 at cost. The cost of goods sold for the same period is $26,073.58 and sales of furniture were $37,246.20. Find (a)Stock turnover at cost, and (b)stock turnover at retail. Round to the nearest hundredth.

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Question 1

Correct Answer:

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Provide an appropriate response. -Describe how to determine average inventory for a full year.

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Question 2

Correct Answer:

Answered by Examlex AI Copilot

To determine the average inventory for a full year, you would first need to calculate the beginning inventory for the year and the ending inventory for the year. Then, add the beginning and ending inventory together and divide by 2. This will give you the average inventory for the year.

The formula for calculating average inventory is: (Beginning Inventory + Ending Inventory) / 2

This average inventory figure is important for businesses to understand their inventory turnover and to make informed decisions about purchasing and managing inventory levels.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: Markup on selling price: 16.8%

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Question 3

Correct Answer:

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Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

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Question 4

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

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Question 5

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -

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Question 6

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

(Multiple Choice)

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Question 7

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

(Multiple Choice)

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Question 8

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar. -

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Question 9

Provide an appropriate response. -Give two reasons why a business would prefer to calculate stock turnover at retail rather than at cost.

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Question 10

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -An office supply store sells a computer disk for $87.95. If the cost is $60.67, find the percent of markup on cost and the equivalent percent of markup on selling price.

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Question 11

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

(Multiple Choice)

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Question 12

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

(Multiple Choice)

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Question 13

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -

(Multiple Choice)

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Question 14

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent. -

(Multiple Choice)

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Question 15

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -A local dealer sells baseballs for $25 each. If $6.90 is the cost, what is the percent of markup on the cost?

(Multiple Choice)

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Question 16

Solve the problem. -Over a year period, a hardware store made the following purchases of hammers: 24 hammers at $6.89, 30 hammers at $6.08, 36 hammers at $4.69, and 26 hammers at $8.05. Inventory at the end of the year shows 35 hammers remain. Find the inventory value by (a) weighted average method, (b) FIFO Method, and (c) LIFO Method. Round final answers to the nearest cent

(Multiple Choice)

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Question 17

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -A store manager paid $158 for an item and set the selling price at $189.60. What was the percent markup?

(Multiple Choice)

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Question 18

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

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Question 19

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -Find the selling price of an item which cost a store $209. The store has a 30% markup.

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Question 20

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Provide an appropriate response. -Describe how to determine average inventory for a full year.

Find the equivalent markup. Round to the nearest tenth of a percent. -Markup on cost: Markup on selling price: 16.8%

Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

Find the inventory values using (a) the weighted-average method, (b) the FIFO method, and (c) the LIFO method. Round final answers to the nearest dollar. -

Provide an appropriate response. -Give two reasons why a business would prefer to calculate stock turnover at retail rather than at cost.

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary. -An office supply store sells a computer disk for $87.95. If the cost is $60.67, find the percent of markup on cost and the equivalent percent of markup on selling price.

Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent. -

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -

Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent. -

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. -A local dealer sells baseballs for $25 each. If $6.90 is the cost, what is the percent of markup on the cost?

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -A store manager paid $158 for an item and set the selling price at $189.60. What was the percent markup?

Find the stock turnover at cost and at retail. Round to the nearest hundredth. -

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -Find the selling price of an item which cost a store $209. The store has a 30% markup.

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