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wk3.xls

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).

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

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

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

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			=1- Proportion to spoil
Pounds expected to sell			=Proportion to be sold*Quantity
Selling Price per pound			=Selling Price/Pounds expected to sell

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		=1-Trade Discount%
Net Price		=Net Price Rate*List Price

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)			=(1 - 1st Trade Discount)(1 - 2nd Trade Discount)(1 - 3rd Trade Discount)
Net Price (using Net Decimal Equivalent)			=(List Price)*(Net Decimal Equivalent)
Single Discount Equivalent (don't round)			=1 - Net Decimal Equivalent
Trade Discount $			=(List Price)*(Single Discount Equivalent)
Net Price (using Trade Discount)			=(List Price - Trade Discount $)

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		=1-Trade Discount%
Net Price		=Net Price Rate*List Price

Federated Department Stores received an invoice dated April 18 that shows a billing for
$3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice
is paid within 15 days but after 10 days.
Terms on Invoice
Date on Invoice
No. of days within which the Invoice was paid
Date by which the Invoice was paid		=Date on Invoice + B7
Cash Discount %
Number of days to take advantage of 2% discount
Final Date Invoice must be paid to get 2% discount		=Date on invoice + B11
Can Federated get a 2% discount?		Choose one
Cash Discount %
Number of days to take advantage of 1% discount
Final Date Invoice must be paid to get 1% discount		=Date on invoice + B16
Can Federated get a 1% discount?		Choose one
Price on Invoice
Cash Discount Amount ($)		=(Cash Discount %)*(Invoice Price)
Net Amount (Method 1 using Cash Discount)		=(Invoice Price) - (Cash Discount $)
Net Amount (Method 2 using Complements)		Complement Method
		=(1-Cash Discount%)*(Invoice Price)

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				=Partial Payment/(1 - Cash Discount%)
Amount Still Due On Account				=Invoice Total - Amount Credited

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		=B8+B10
Invoice Total
Cash Discount %
Cash Discount $		=(Cash Discount %)*(Invoice Total)
Total Paid		=(1 - Cash Discount%)*(Invoice Total)