Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I feel like I'm over thinking 31 Why do you suppose that grocery stores have an average markup of 22.05%, while eating places have an

I feel like I'm over thinking 31 image text in transcribed
Why do you suppose that grocery stores have an average markup of 22.05%, while eating places have an average markup of 56.35%? To have a markup of 100% or greater, the markup must be calculated on cost. Show why this is always true. (See Objectives 5 and 6.) Solve the following application problems. Round rates to the nearest tenth of a percent and money to the nearest cent. Jelica's Handbags pays $32.33 for a handbag and use a markup of 34% on selling price. Find the selling price. An auto parts dealer pays $28.56 per dozen gallons of shield washer fluid, and the markup is 50% on selling price. Find the selling price per gallon. Fry's Electronics sells a home theater speaker package for $595 and maintains a markup of 35% on selling price. Find its cost. Lowe's sells hot tub for $3522 and maintains a markup of 35% on selling a price. Find the cost. The cost of a ceiling fan is $92.82 and the markup is 22% on selling price. Find the selling price. Field and Stream Sports pays $20.80 for a child's fly rod and sells it for $32. Find the percent of markup on selling price. Ceramic tile from Belgium has a markup of 36% selling price. The tile has a markup of $1.62 per tile. Find Ca)the selling price, the cost, and c)the cost as a percent of the selling price per tile. Direct Electronics pays $196.78 for a Philips DVD recorder. The markup is 18% on selling price. Find (a) the cost as a percent of selling price, (b) the selling price, and (c) the markup. Best Products buys clock radios for $258 per dozen and has a gross profit of $7.74 per clock radio. Find the percent of gross profit based on selling price. Olympics Sports has a markup of $280 on a Schwinn Bowflex. If this is a 35% markup on selling price, find (a) the selling price, b)the cost, and (c) the cost as a percent of selling price. Leslie's Pool Supply pays $181.19 for a pool pump. If the markup is 28% on the selling price, find (a) the cost as a percent of selling price, (b) 28% selling price, and (c) the markup

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Globalization Gating And Risk Finance

Authors: Unurjargal Nyambuu, Charles S. Tapiero

1st Edition

1119252652, 978-1119252658

More Books

Students also viewed these Finance questions

Question

Methods of Delivery Guidelines for

Answered: 1 week ago