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 rectly in the cell. nd 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) Case 8.1 Chapter 8 Page 305 of your text Text: Business Math, Eleventh Edition Case 8.1 Image Manufacturing's Rebate Offer Part 1 Current Order Unit Price Additional number of pieces moved from another company Total Order Total Cost for the order Rebate (%) Rebate ($) for the total order Total discounted price Discounted cost per piece 15,000 hinges per month $3.00 each 5,000 20,000 hinges per month ---> Current Order + Additional num $60,000 =Total Order*Unit Price 5% --> This number should be a percentage. $3,000 =Rebate %*Total Cost for the order $57,000 =Total Cost minus Rebate $2.85 =Discounted Price/Total Order Part 2 New order quantity Unit Price Total Cost for the order 22,000 hinges per month $3.00 each $66,000 =New Order Quantity*Unit Price Rebate (trade discount) ($) Total rebate for the order $0.18 per piece $3,960 =Rebate($)*New order quantity Discount (%) 6.00% =Total rebate/Total cost for the order Part 3 New order quantity Unit Price Total Cost for the order 30,000 pieces per month $3.00 each $90,000 =New Order Quantity*Unit Price Rebate (trade discount) ($) Total rebate for the order Net amount before cash discount $0.18 $5,400 =Rebate($)*New order quantity $84,600 =Total cost - Total rebate for the order Cash discount (%) Cash discount ($) 2.0% $1,692 =Cash Discount (%)*Net amount before cash discoun Total concession (rebate + cash discount) $ $7,092 Net Price ($) $82,908 Total cost - Total concession Part 4 Unit Price Rebate (trade discount) ($) Rebate (%) $3.00 $0.17 5.67% =Rebate($)/Unit Price Describe a minimum of 90 words if you think other Image Manufacturing customers may claim unfair trade practice > Current Order + Additional number moved uld be a percentage. st for the order y*Unit Price der quantity ost for the order y*Unit Price der quantity bate for the order Net amount before cash discount s may claim unfair trade practices? Why? Why not? Case 8.3 Chapter 8 Page 306/307 of your text Text: Business Math, Eleventh Edition Case 8.3 The Artist's Palette Parts 1 and 2 List Price First Trade Discount % Second Trade Discount % Third Trade Discount % Net Decimal Equivalent Net Price Recommendation Supplier 1 $300 20% 10% 5% 68% $205.20 Supplier 2 $300 18% 12% 7% 67% =(1 - 1st Trade Discount%)*( $201.33 =(Net Decimal Equivalent)*( Supplier 2 Choose one Part 3 List Price First Trade Discount % Second Trade Discount % Third Trade Discount % Net Decimal Equivalent Single Trade Discount Trade Discount ($) Supplier 1 $250 20% 10% 5% 68% 31.60% $79.00 Supplier 2 $250 18% 12% 7% 67% =(1 - 1st Trade Discount%)*( 32.89% =1-Net Decimal Equivalent $82.23 Part 4 Terms # of Days to take the discount Date on invoice Final Date to take Discount Invoice Total Eligible for discount Cash Discount % Cash Discount $ Total Amount Due Sept 26 Amount saved by paying early 10 9/16/2017 9/26/2017 =C30 + C31 (Yes or No) =Invoice Total - Cash Discount $ =Invoice Total - Total Amount Due Sept 26 Part 5 Date on Invoice Terms No. of days to take advantage of discount Final Date to Take Discount 9/16/2015 2/10, n/30 10 -- You want the invoice to be paid in the first 10 9/26/2015 =C42 + C44 Date on Invoice Terms Was the Date on Invoice before 26th? End of CURRENT Month Days Past End of the Month Final Date to Take Discount 9/16/2015 2/10, EOM yes (Yes or No) -- Use EOMONTH function -- You want the invoice to be paid in the first 10 =C50 + C51 Date on Invoice Terms Was the Date on Invoice before 26th? End of NEXT Month Days Past End of the Month Final Date to Take Discount 9/26/2015 2/10, EOM no (Yes or No) -- Use EOMONTH function -- You want the invoice to be paid in the first 10 =C57 + C58 In a minimum of 90 words, explain which one you would recommend. Choose one In a minimum of 90 words, explain why a student would pick the one chosen. - 1st Trade Discount%)*(1 - 2nd Trade Discount%) * (1 - 3rd Trade Discount%) Net Decimal Equivalent)*(List Price) - 1st Trade Discount%)*(1 - 2nd Trade Discount%) * (1 - 3rd Trade Discount%) Net Decimal Equivalent Amount Due Sept 26 e to be paid in the first 10 days of NEXT month e to be paid in the first 10 days of NEXT month e to be paid in the first 10 days of NEXT month 8-3 The Artist's Palette The Artist's Palette sells high-end art supplies to the art students at trree regional art and design schools in Phil adelphia, it'li'asi'ingtonI 0.0., and Elatimore. it caTies pa'l1tsI brushes, draining pads, framesI charcoalI pastels and other supplies uwd in a variety cl artistic media. Because its clientele is very discriminating, The Artist's Palette tends to carry orly the top Ii'ies In its inventon and i1 is known for having the best selection on hand. It rare that at item is out 01 stodc. Artists can Visit the store. purchase from The Artist's Palette catalog, or buy from ltie secure wet: site. 1. The Artist's Palette purchases its inventory from a number otsupptiers and each supplier otters ditferent purchasing discounts. The manager of The Artist's Palette. Marty Fauna. is cunently comparing two otters for purchasing modeling clay and suppiol. The rst ccmpa'iy oers a chain discount of2l1i'1Eh'5, and the second company otters a chair discount 01 131'12l'7 as long the tot purchases are 3300 cr rnore.Assun1'ng Parrna purchases $300 worth ofsupplies. what is the net price from sLuiier 1'? From sLmier 2'? Frcl'n which supplier would you iecm'lneud Farms purchase her mixteing clay a'id supplies? 2 What is the net decimal eqiivalent for supplier 1? For supplier 2? it What is the trade discount trom supplier 1? From supplier 2? 4. The Mists Palette recognizes that students may purchase supplies at the begi1ning otthe term to cover all ottheir an dass needs Because his could represent a fairly suhstantid outlay, The Artist's Palette oers discounts to those students who pay sooner tha1 required. Assume that it students buy more than 5250 01 art smpties in one visit, they may put it on a student account with terms ot 2m]. n50. It' a student purchases 5250 at supplies on September 16. what amount is due by September 26? How much would the strident save hy paying eady? 5 Assume that 'rfstudentx buy more lhau $250 of art supplies in one vistL they may put the charge on a studmt amount with terms of 2i'1D EDM If a student makes the purcharne on September 16. on what day does the 2% diezount expire? If the purchase is made on September 26, on what day does the 2% discount expire? If you were an art studentI which rnettrod would you prefer: 210I I150. or 2110 EOM? 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 rectly in the cell. nd 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 % 63.3% 36.7% 100.0% 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 $39.20 $9.80 $49.00 % 80.0% 20.0% 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 $50.00 $348.00 % 100.0% 12.6% 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 % 35.7% 64.3% 100.0% 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 5/5/10 $1,899.00 $1,800.00 5.0% 5.0% 10.0% 10.0% 10.0% 10.0% 76.950% 76.950% =(1 - 1st Trade Discount)*(1 - 2nd Trade Discount) $1,461.28 $1,385.10 =(List Price)*(Net Decimal Equivalent) Single Discount Equivalent (don't round) Trade Discount $ Net Price (using Trade Discount) 23.050% 23.050% =1 - Net Decimal Equivalent $437.72 $414.90 =(List Price)*(Single Discount Equivalent) $1,461.28 $1,385.10 =(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 $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 $3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice is paid within 15 days but after 10 days. Terms on Invoice Date on Invoice No. of days within which the Invoice was paid Date by which the Invoice was paid 2/10, 1/15, n/30 4/18/2017 10 4/28/2017 =Date on Invoice + B7 Cash Discount % Number of days to take advantage of 2% discount Final Date Invoice must be paid to get 2% discount Can Federated get a 2% discount? 2% 10 4/28/2017 =Date on invoice + B11 Yes Choose one Cash Discount % Number of days to take advantage of 1% discount Final Date Invoice must be paid to get 1% discount Can Federated get a 1% discount? 1% 15 5/3/2017 =Date on invoice + B16 No Choose one Price on Invoice Cash Discount Amount ($) Net Amount (Method 1 using Cash Discount) $3,848.96 $76.98 =(Cash Discount %)*(Invoice Price) $3,771.98 =(Invoice Price) - (Cash Discount $) Net Amount (Method 2 using Complements) $3,771.98 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 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 9/8/2017 9/9/2017 3/15 15 9/24/2017 =B8+B10 3,097.15 3.00% $92.91 =(Cash Discount %)*(Invoice Total) $3,004.24 =(1 - Cash Discount%)*(Invoice Total) nvoice Total) *(Invoice Total)