A1024 BUSINESS MATHEMATICS ASSIGNMENT 3-MATHEMATICS OF MERCHANDISING 1. An invoice was received for $23,000 dated May 21 with terms 2/15, n45 What is the last day for taking the cash discount? What is the amount due if the invoice is paid on the last day for taking the discount? a. b. 2. At The Brick Furniture Store, a couch is sold at a price of $3,500, including a markup of 45% of cost. What is the cost of the item? What is the rate of markup based on the selling price? a. b. 3. Light Me Up retail store paid $123 for a lamp. Expenses are 23% of regular selling price and the required profit is 23% of regular selling price. During an inventory sale, the lamp was marked down 32%. a. b. c. What was the regular selling price? What was the sale price? What was the operating profit or loss based on the sale price? 4. Timmins Auto Sales can obtain a used Toyota Rav 4 for $25,000 less a trade discount of 40%. A comparable Honda CRV model is available at $22,270 less a discount of 25%. Which vehicle has the lower net cost? How much lower? 5. An invoice dated June 4 for $623 has terms 3/10,1/30, n60, what payment will settle the invoice if payment is made on each of the following dates (Be sure to show number of days) a. June 11? b. June 30? 6. For each of the following, determine: The amount of markup The amount of operating expenses. l The operating profit IV The rate of markup on selling price COST (C) SELLING PRICE | OPERATING EXPENSES A. $500.00 B. $51.65 1,500.00 91.50 35% OF COST 55% OF SELLING PRICE