Section 3 PROBLEMS Find the missing information. COST AMT. QUANTITY PER TOTAL MARKUP REQUIRED PERCENT TO SELLING BOUGHT UNIT COST ON COST SALES TO SPOIL SELL PRICE 1. a. 70 lb. $0.60 20% 10% b. 20 doz 1.40 25 5 h C. 50 1.00 2. a. 100 lb. $0.36 50 79% b. 125 6.00 40 4 c. 110 doz. 1.80 30 10 Complete the following, which involves part of the goods being sold at the regular price and the remaining amount at the reduced price. PERCENT AMT. COST MARKUP AMT, AT AT AT REDUCED REGULAR QUANTITY PER TOTAL ON REQUIRED REGULAR REDUCED REDUCED SELLING SELLING BOUGHT UNIT COST COST SALES PRICE PRICE PRICE PRICE PRICE 3. a. 80 lb. $5 20% 5% $4 b. 25 3.00 40 2.50 4. a. 160 1b. $0.90 50% 10% $1.00 b. 250 4.00 36 4 3.00 5. Suppose that in Problem 1(a) the store actually sold all 70 pounds. a. How much gross profit would the store earn? b. What percent markup on cost would that be? c. What percent markup on selling price would that be? 6. Suppose that in Example 2 the delicatessen actually sold 30 snack cakes at the regular price and the remainder at 304 each. a. What gross profit would be obtained? b. What percent markup on cost does that represent? c. What percent markup on selling price does that represent? 7. A grocery store purchased 200 pounds of grapes at $0.60 per pound. Experience shows that 10% of the grapes will spoil. At what price per pound would the store make 15% markup on cost? 8. The Greenery Nursery purchased 500 pumpkins before Halloween at a cost of $2 each. From past experi- ence, the manager knows that 10% of these will not sell. At what price per pumpkin must each be priced in order to obtain a margin of 55% on cost? 374