Mathematics of Buying and Selling Exercises (2)
Instructions
| Instructions: |
| Week 3 Individual Assignment |
| Total Number of Questions - 10 |
| Total Points: 6 |
| 1. You have ten problems - one on each tab of this Excel file. |
| 2. Please show your work in the cells. Use Excel formulas instead of writing the values/answers directly in the cell. |
| The instructor will then know where you made a mistake and provide you valuable feedback and partial credit (if appropriate). |
Problem 1
| Nordstrom plans to mark up a Brahmin Croc Embossed Laptop Case $130.50 over cost, which is a 58% markup | |
| based on the cost. Find the cost, the selling price, and the rate of the selling price. | |
| Amount | % |
| Cost | |
| + | Markup |
| = | Sell Price |
Problem 2
| Ronin Copies marks up signs that sell for $49. The markup is 80% based on the selling price. | |
| What is the cost and the amount of markup of a sign? | |
| Amount | % |
| Cost | |
| + | Markup |
| = | Sell Price |
Problem 3
| Lowe’s reduced a Maytag dishwasher 12.563%. If the dishwasher was priced at $398, | |
| find the amount of markdown and the reduced price. | |
| Amount | % |
| Original SP | |
| ‒ | Markdown |
| = | New Price |
Problem 4
| Fresh Food Market pays $0.25 per pound for 300 pounds of | |
| apples. On average, 5% of the apples will spoil before they | |
| sell. Find the selling price per pound needed to obtain a 180% | |
| markup on cost. | |
| Unit Price | |
| Quantity | |
| Cost | =Unit Price*Quantity |
| Amount | % |
| Cost | |
| + | Markup |
| = | Sell Price |
| Proportion to spoil | |
| Proportion to be sold | |
| Pounds expected to sell | |
| Selling Price per pound |
Problem 5
| Find the net price of the PC software SystemWorks that lists for $70 and has a discount rate of 12%. |
| Use the system of complements. |
| List Price |
| Trade Discount % |
| Net Price Rate |
| Net Price |
Problem 6
| Dylan Murphy currently receives a trade discount series of 5/10/10 on merchandise purchased | |
| from a furniture company. He is negotiating with another furniture manufacturer to purchase | |
| similar furniture of the same quality. The first company lists a dining room table and six | |
| chairs for $1,899. The other company lists a similar set for $1,800 and a trade discount | |
| series of 5/5/10. Which deal is better? | |
| 5/10/10 | 5/5/10 |
| List Price | |
| 1st Trade Discount | |
| 2nd Trade Discount | |
| 3rd Trade Discount | |
| Net Decimal Equivalent (don't round) | |
| Net Price (using Net Decimal Equivalent) | |
| Single Discount Equivalent (don't round) | |
| Trade Discount $ | |
| Net Price (using Trade Discount) |
Problem 7
| PlumbingStore.com buys one model of tankless water heater that has a list price of $395. |
| The trade discount is 18%. What is the trade discount and net price of the heater? |
| List Price |
| Trade Discount % |
| Net Price Rate |
| Net Price |
Problem 8
| Federated Department Stores received an invoice dated April 18 that shows a billing for |
| $3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice |
| is paid within 15 days but after 10 days. |
| Terms on Invoice |
| Date on Invoice |
| No. of days within which the Invoice was paid |
| Date by which the Invoice was paid |
| Cash Discount % |
| Number of days to take advantage of 2% discount |
| Final Date Invoice must be paid to get 2% discount |
| Can Federated get a 2% discount? |
| Cash Discount % |
| Number of days to take advantage of 1% discount |
| Final Date Invoice must be paid to get 1% discount |
| Can Federated get a 1% discount? |
| Price on Invoice |
| Cash Discount Amount ($) |
| Net Amount (Method 1 using Cash Discount) |
| Net Amount (Method 2 using Complements) |
Problem 9
| Office Max purchased office furniture in the amount of |
| $89,517 and was invoiced with terms of 2/10, n/30. Cash |
| strapped at the time, Office Max decided to make a partial |
| payment of $50,000 within 10 days. How much should be |
| credited to its account? What is the outstanding balance? |
| Terms |
| Cash Discount % |
| Invoice total |
| Partial payment made before discount date |
| Amount Credited |
| Amount Still Due On Account |
Problem 10
| Curves Fitness Center received an invoice for $3,097.15 that |
| was dated September 8 with terms of 3/15 ROG. The goods |
| being invoiced arrived on September 12. By what date must |
| the invoice be paid to get the cash discount? How much |
| should be paid? |
| Invoice Date |
| Date Goods are Received |
| Terms |
| # of Days we have to take advantage of the discount |
| Final Date to take Discount |
| Invoice Total |
| Cash Discount % |
| Cash Discount $ |
| Total Paid |