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 approp ectly in the cell. d 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 % 58% markup 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 Net Price =1-Trade Discount% =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) Net Price (using Net Decimal Equivalent) =(1 - 1st Trade Discount)*(1 - 2nd Trade Discount) =(List Price)*(Net Decimal Equivalent) Single Discount Equivalent (don't round) Trade Discount $ Net Price (using Trade Discount) =1 - Net Decimal Equivalent =(List Price)*(Single Discount Equivalent) =(List Price - Trade Discount $) nt)*(1 - 2nd Trade Discount)*(1 - 3rd Trade Discount) imal Equivalent) iscount Equivalent) 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 =1-Trade Discount% =Net Price Rate*List Price Federated Department Stores received an invoice dated April 18 that shows a billing for $3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice is paid within 15 days but after 10 days. Terms on Invoice Date on Invoice No. of days within which the Invoice was paid Date by which the Invoice was paid =Date on Invoice + B7 Cash Discount % Number of days to take advantage of 2% discount Final Date Invoice must be paid to get 2% discount Can Federated get a 2% discount? =Date on invoice + B11 Choose one Cash Discount % Number of days to take advantage of 1% discount Final Date Invoice must be paid to get 1% discount Can Federated get a 1% discount? =Date on invoice + B16 Choose one Price on Invoice Cash Discount Amount ($) Net Amount (Method 1 using Cash Discount) =(Cash Discount %)*(Invoice Price) =(Invoice Price) - (Cash Discount $) Net Amount (Method 2 using Complements) Complement Method =(1-Cash Discount%)*(Invoice Price) nvoice Price) h 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 Amount Still Due On Account =Partial Payment/(1 - Cash Discount%) =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 Invoice Total Cash Discount % Cash Discount $ Total Paid =B8+B10 =(Cash Discount %)*(Invoice Total) =(1 - Cash Discount%)*(Invoice Total) nvoice Total) *(Invoice Total) 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 appro /answers directly in the cell. 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. Cost + Markup = Sell Price Amount $225.00 $130.50 $355.50 % 100.0% 58.0% 158.0% , which is a 58% markup 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? Cost + Markup = Sell Price Amount $9.80 $39.20 $49.00 % 20.0% 80.0% 100.0% Lowe's reduced a Maytag dishwasher 12.563%. If the dishwasher was priced at $398, find the amount of markdown and the reduced price. Original SP Markdown = New Price Amount % $398.00 100.000% $50.00 12.6% $348.00 87.4% 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 $0.25 300 $75.00 =Unit Price*Quantity Cost + Markup = Sell Price Proportion to spoil Proportion to be sold Pounds expected to sell Selling Price per pound Amount $75.00 $135.00 $210.00 % 100.00% 180.00% 280.00% 5% 95% =1- Proportion to spoil 285 =Proportion to be sold*Quantity $0.74 =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 Net Price $70 12% 88% =1-Trade Discount% $61.60 =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? List Price 1st Trade Discount 2nd Trade Discount 3rd Trade Discount Net Decimal Equivalent (don't round) Net Price (using Net Decimal Equivalent) 5/10/10 $1,899.00 5.0% 10.0% 10.0% 76.950% $1,461.28 5/5/10 $1,800.00 5.0% 5.0% 10.0% 81.225% =(1 - 1st Trade Discount)*(1 - 2nd Trade Disco $1,462.05 =(List Price)*(Net Decimal Equivalent) Single Discount Equivalent (don't round) Trade Discount $ Net Price (using Trade Discount) 23.050% $437.72 $1,461.28 18.775% =1 - Net Decimal Equivalent $337.95 =(List Price)*(Single Discount Equivalent) $1,462.05 =(List Price - Trade Discount $) Trade Discount)*(1 - 2nd Trade Discount)*(1 - 3rd Trade Discount) e)*(Net Decimal Equivalent) Decimal Equivalent e)*(Single Discount Equivalent) e - 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 Net Price $395 18% 82% =1-Trade Discount% $323.90 =Net Price Rate*List Price Federated Department Stores received an invoice dated April 18 that shows a billing for $3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice is paid within 15 days but after 10 days. Terms on Invoice Date on Invoice No. of days within which the Invoice was paid Date by which the Invoice was paid 2/10, 1/15, n/30 18-April 15 days 3-May =Date on Invoice + B7 Cash Discount % Number of days to take advantage of 2% discount Final Date Invoice must be paid to get 2% discount Can Federated get a 2% discount? 2% 10 days 28-April =Date on invoice + B11 No Choose one Cash Discount % Number of days to take advantage of 1% discount Final Date Invoice must be paid to get 1% discount Can Federated get a 1% discount? 1% 15 days 3-May =Date on invoice + B16 Yes Choose one Price on Invoice Cash Discount Amount ($) Net Amount (Method 1 using Cash Discount) $3,848.96 $38.49 =(Cash Discount %)*(Invoice Price) $3,810.47 =(Invoice Price) - (Cash Discount $) Net Amount (Method 2 using Complements) $3,810.47 Complement Method =(1-Cash Discount%)*(Invoice Price) Invoice Price) sh 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 Amount Still Due On Account 2/10, n/30 2.00% $89,517.00 $50,000.00 $51,020.41 =Partial Payment/(1 - Cash Discount%) $38,496.59 =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 Invoice Total Cash Discount % Cash Discount $ Total Paid 08-September 12-September 3/15 15 27-September 3,097.15 3.00% $92.91 $3,004.24 days and below =B8+B10 =(Cash Discount %)*(Invoice Total) =(1 - Cash Discount%)*(Invoice Total) Invoice Total) )*(Invoice Total)