1. An appliance retailer purchased a small vacuum cleaner for $59.99. He plans to take a...
1. An appliance retailer purchased a small vacuum cleaner for $59.99. He plans to take a 33% markup. What will the selling price be? (Value 5 pts)
2. If a retailer sells a coat for $139.99. What was his markup if he bought the coat for $80.00. (Value 10 pts)
Markup in actual dollars ________
Express markup as a % of cost _________
Express markup as a % of selling price ________
Homework Answers
1. Selling price calculation
Cost of purchase of vacuum cleaner = 59.99
Markup =33
Selling price = Cost of purchase + (cost of purchase × markup)
Selling price= 59.99 + (59.99×0.33)= 79.79
Selling price = Cost of purchase × (1+markup) formula is another formula
Selling price = 59.99× 1.33= 79.79
2. Markup in actual dollars= selling price - cost price
Markup in actual dollars = 139.99 - 80= 59.99
Express markup as a % of cost= markup in dollars / cost price
Express markup as a % of cost = 59.99/80= 74.99
Express markup as a % of selling price= markup in dollars / selling price
Express markup as a % of selling price = 59.99/139.99= 42.85%
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