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Exam 8: Markup and Markdown

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Question 61

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If a microwave is marked up 36% based on the selling price, what is the corresponding markup based on cost? (Round to the nearest tenth of a percent)

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Question 62

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Calculate the corresponding percent markup, rounding to the nearest tenth percent: $\begin{array}{llcc} \text { Percent Markup } & \text { Percent Markup } \\\underline{ \text { Based on Cost}} &\underline{ \text { Based on Selling Price }} \\20\%&\\\end{array}$

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Question 63

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A baseball glove sells for $39.99. If the markup is $6.10, what is the percent markup based on cost? (Round to the nearest tenth of a percent)

Products that have a certain shelf life, and then no value at all, are called ____________________ goods.

Operating expenses are known as overhead expenses.

Tyrelle's T-shirts purchases shirts for $5.00. If a markup of $6.00 per shirt is applied, the selling price for each shirt is $11.00.

The Jersey Store purchases sports jerseys at a cost of $11.00 per jersey. They sell the jerseys for $18.00 each. ​The rate of the markup is ​around 64%.

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text { Computer }\end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\$1,020.00\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\\\\end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Price}}\\\$2,219.52\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\\\\end{array}\end{array}$

The percent markup based on selling price is always lower than the corresponding percent markup based on cost.

At a clearance sale, everything has been marked down 13%. How much did a car originally sell for, if its current price is $12,962.99?

Seasonal goods don't undergo markups and markdowns during their selling season.

A purchaser paid $1,539.13 for a computer system that originally cost $1,215.91. If the markup was 21% of the $1,539.13 selling price, then what is the percent markup based on cost? (Round to the nearest tenth percent)

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array} { l l l l l } & \text { Original } & \text { Amount of } & \text { New Sale } & \text { Markdown } \\\text { Item } & \text { Selling Frice } & \underline { \text { Markdown } } & \underline { \text { Price } } & \underline { \text { Percent } } \\\text { Necklace } & & & \$ 249.00 & 20 \%\end{array}$

The selling price for a fax machine is $341.67. What percent of the sale price is the markup, if the cost of the fax machine was $205? (Round to the nearest whole percent)

At the end of the summer season, gas grills that originally sold for $129.98 were marked down 60% to make room for new merchandise. What was the sale price of the gas grills? (Round to the nearest cent)

A suit that originally sold for $120 was marked down to sell for $89.99. What was the markdown percent? (Round to the nearest tenth of a percent)

It costs $1,075 to manufacture a table. If the table sells for $1,578.25, what is the percent markup based on selling price? (Round to the nearest whole percent)

The markup on a dining room table is 30% of the sale price. If the table sells for $1348, what was the cost?

The amount added to the cost of an item to cover the operating expenses and profit is known as the ____________________.

Markdowns are frequently used in retailing because of errors in initial pricing or merchandise selection.