Question 1

Provide an appropriate response.
-Explain which inventory evaluation method you would prefer. Why? How is it calculated?

Accepted Answer

The inventory evaluation method I would

Question 2

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.
-

Accepted Answer

A) a)$5,907 b)$2,850 c)$1,932 
B) a)$2,274 b)$2,158 c)$2,261 
C) a)$2,274 b)$2,261 c)$2,158 
D) a)$5,907 b)$2,627 c)$1,716 
A) a)$5,907 b)$2,850 c)$1,932 
B) a)$2,274 b)$2,158 c)$2,261 
C) a)$2,274 b)$2,261 c)$2,158 
D) a)$5,907 b)$2,627 c)$1,716

Question 3

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.
-

Accepted Answer

A) Markup = $4.96
% Markup on cost = 15.0%
% Markup on selling price = 13.0% 
B) Markup = $4.96
% Markup on cost = 15.0%
% Markup on selling price = 87.0% 
C) Markup = $9.92
% Markup on cost = 13.0%
% Markup on selling price = 66.9% 
D) Markup = $9.92
% Markup on cost = 13.0%
% Markup on selling price = 15.0% 
A) Markup = $4.96
% Markup on cost = 15.0%
% Markup on selling price = 13.0% 
B) Markup = $4.96
% Markup on cost = 15.0%
% Markup on selling price = 87.0% 
C) Markup = $9.92
% Markup on cost = 13.0%
% Markup on selling price = 66.9% 
D) Markup = $9.92
% Markup on cost = 13.0%
% Markup on selling price = 15.0%

Question 4

Provide an appropriate response.
-Explain the difference between an operating loss and an absolute loss.

Accepted Answer

Explanations will vary. An ope

Question 5

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
-Find the amount of markup of an item which cost a store $215. The store has a 25% markup.

Accepted Answer

A) $860.01 
B) $53.75 
C) $268.75 
D) $172.00 
A) $860.01 
B) $53.75 
C) $268.75 
D) $172.00

Question 6

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.
-

Accepted Answer

A) Cost = $98.37
Selling price = $177.56
% Markup on selling price = 55.4% 
B) Cost = $63.75
Selling price = $142.94
% Markup on selling price = 55.4% 
C) Cost = $63.75
Selling price = $142.94
% Markup on selling price = 44.6% 
D) Cost = $98.37
Selling price = $177.56
% Markup on selling price = 44.6% 
A) Cost = $98.37
Selling price = $177.56
% Markup on selling price = 55.4% 
B) Cost = $63.75
Selling price = $142.94
% Markup on selling price = 55.4% 
C) Cost = $63.75
Selling price = $142.94
% Markup on selling price = 44.6% 
D) Cost = $98.37
Selling price = $177.56
% Markup on selling price = 44.6%

Question 7

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 $8.89 is the cost, what is the percent of markup on the selling price?

Accepted Answer

A) 13.8% 
B) 60.8% 
C) 39.2% 
D) 64.4% 
A) 13.8% 
B) 60.8% 
C) 39.2% 
D) 64.4%

Question 8

Solve for the missing numbers
-

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 9

Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent.
-The Galerie d'Art paid $138.60 for a limited edition Graux print. The original selling price was $180.18, but this was marked down 25% to make room for incoming pieces. If operating expenses are 28% of cost, find the operating loss and the absolute loss.

Accepted Answer

A) operating loss: $45.04
Absolute loss: $3.46 
B) operating loss: $3.46
Absolute loss: $42.27 
C) operating loss: $42.27
Absolute loss: $45.04 
D) operating loss: $42.27
Absolute loss: $3.46 
A) operating loss: $45.04
Absolute loss: $3.46 
B) operating loss: $3.46
Absolute loss: $42.27 
C) operating loss: $42.27
Absolute loss: $45.04 
D) operating loss: $42.27
Absolute loss: $3.46

Question 10

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 $7.89 is the markup, what is the cost and the markup on cost?

Accepted Answer

A) $17.11, 68.4% 
B) $25.00, 31.6% 
C) $17.11, 46.1% 
D) $32.89, 24.0% 
A) $17.11, 68.4% 
B) $25.00, 31.6% 
C) $17.11, 46.1% 
D) $32.89, 24.0%

Question 11

Find the average inventory.
-

Accepted Answer

A) $85,611.00 
B) $256,833.00 
C) $64,208.25 
D) $86,001.00 
A) $85,611.00 
B) $256,833.00 
C) $64,208.25 
D) $86,001.00

Question 12

Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
-Chang bought a bumper marked up 35.9% based on selling price at a local auto repair shop. If the markup is $15.46, find (a)the selling price, (b)the cost, and (c)the markup as a percent of the cost.

Accepted Answer

A) (a)$43.06
(b)$58.52
(c)26.4% 
B) (a)$58.52
(b)$43.06
(c)35.9% 
C) (a)$27.60
(b)$43.06
(c)35.9% 
D) (a)$43.06
(b)$27.60
(c)56.0% 
A) (a)$43.06
(b)$58.52
(c)26.4% 
B) (a)$58.52
(b)$43.06
(c)35.9% 
C) (a)$27.60
(b)$43.06
(c)35.9% 
D) (a)$43.06
(b)$27.60
(c)56.0%

Question 13

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

Accepted Answer

A) Cost Price: $75.22
% Markup on Cost: 24.9% 
B) Cost Price: $56.47
% Markup on Cost: 33.2% 
C) Cost Price: $93.97
% Markup on Cost: 24.9% 
D) Cost Price: $93.97
% Markup on Cost: 20.0% 
A) Cost Price: $75.22
% Markup on Cost: 24.9% 
B) Cost Price: $56.47
% Markup on Cost: 33.2% 
C) Cost Price: $93.97
% Markup on Cost: 24.9% 
D) Cost Price: $93.97
% Markup on Cost: 20.0%

Question 14

Find the missing quantities. If there is no operating loss or absolute loss, write "none."
-

Accepted Answer

A) Cost = $133
Reduced price = $127
Operating loss = $6 
B) Cost = $139
Reduced price = $127
Operating loss = $18 
C) Cost = $103
Reduced price = $91
Operating loss = $30 
D) Cost = $103
Reduced price = $91
Operating loss = none 
A) Cost = $133
Reduced price = $127
Operating loss = $6 
B) Cost = $139
Reduced price = $127
Operating loss = $18 
C) Cost = $103
Reduced price = $91
Operating loss = $30 
D) Cost = $103
Reduced price = $91
Operating loss = none

Question 15

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent.
-C:\+B173+B161:B177+B161:B179

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Provide an appropriate response. -Explain which inventory evaluation method you would prefer. Why? How is it calculated?

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. -

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. -

Provide an appropriate response. -Explain the difference between an operating loss and an absolute loss.

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -Find the amount of markup of an item which cost a store $215. The store has a 25% markup.

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 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 $8.89 is the cost, what is the percent of markup on the selling price?

Solve for the missing numbers -

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 $7.89 is the markup, what is the cost and the markup on cost?

Find the average inventory. -

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

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -C:\+B173+B161:B177+B161:B179

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Payroll

Mathematics of Buying

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Business and Consumer Loans

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters

Exam 8: Mathematics of Selling

Provide an appropriate response. -Explain which inventory evaluation method you would prefer. Why? How is it calculated?

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. -

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. -

Provide an appropriate response. -Explain the difference between an operating loss and an absolute loss.

Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. -Find the amount of markup of an item which cost a store $215. The store has a 25% markup.

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 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 $8.89 is the cost, what is the percent of markup on the selling price?

Solve for the missing numbers -

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 $7.89 is the markup, what is the cost and the markup on cost?

Find the average inventory. -

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

Find the missing quantities. If there is no operating loss or absolute loss, write "none." -

Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent. -C:\+B173+B161:B177+B161:B179

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Payroll

Mathematics of Buying

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Business and Consumer Loans

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters