1 Calculate the missing information rounding dollars to the

1. Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent:

Item: Furniture

Cost: 1,820.00

Markup: ?

Amount of Selling Price: ?

Percent Markup Based on Cost: 26.5%

2. Calculate the trade discound and net price to the nearest cent:

List Price: 86.72

Trade Discount Rate: 12%

Trade Discount: ?

Net Price: ?

3. Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent:

Item: Sweater

Cost: 23.50

Markup: 2.82

Amt of Selling Price: ?

% Markup based on Cost: ?

Solution

Answer 1 Markup = 26.5 % of 1820 = $482.30

Selling price = 1820 +482.30 = $2302.30

Answer 2: trade discount = 12% of 86.72 = $10.40

net price = 86.72 - 10.40 = $76.32

Answer 3: Amount of selling price = 23.50 +2.82 = $26.32

Markup %age = 2.82/23.50 *100 =12%