Question

BIU Merge & Center $ - % -48 Conditional Format as Cell Formatting Table Styles Insert Delete Format Font Alignment Number Cells 0 B D RETAIL PRICING AND REPRICING OF MERCHANDISE (MARKUP) E F 1. If the men's buyer purchases pants at a cost of $34.00 and has a markup of $33.00, what will be the retail price for each pair of pants? Cost $34.00 Markup $33.00 Retail 2. If the electronics buyer purchases televisions at a cost price of 5325.00 and the markup is $249.99, what is the retail price for the televisions? Cost $325.00 Markup $249.99 Retail 3. The misses sweater buyer retails cotton sweaters for $45.99, and the markup is $24.24. What is the cost price of each sweater? Retail Markup Cost $45.99 $24 24 4. A man's belt retails for $74.00, and the markup is $43.00. What is the cost price? Retail $74.00 Cost Markup $43 00 5. Calculate the markup dollars for a tie if the cost is $23.60 and the manufacturer's suggested retail price is $50.00 MUS Retail $59.00 Cost $23.60 5. If a necklace retails for $19.00 and the cost is $14.70, what is the markup in dollars and percentage at retail for the necklace? MUS MU% Retail $49.00 Cost $14.70 7. If a pair of brand-name leather boots has a retail price of $249.00 and the cost is $125.00, what is the markup for the boots in both dollars and percentage at retail? Formulas Problems +

Answer 1

Meaning of the Terms:

RETAIL PRICE: The retail price is the final price that a good is sold to customers i.e., the consumers who are the end users of the product. This is different from the manufacturer Price, or distributors price.

MARKUP: Mark up means the profit added to the cost price of the product. It is the difference between the Selling Price of the Product less the Cost Price. It can be expressed in terms of amount, or percentage on the cost or selling price.

COST: Cost is the total expenses incurred or the total amount spend in buying the goods by the trader, Expenses incurred in manufacturing the product by the manufacturer, or the Expenses incurred by the service provider in providing the service.

Cost, Markup and Retail Price can be framed as follows as a formula;

RETAILPRICE = COST + MARKUP

The above formula can be also written in following ways:

COST = RET LPRICE ARKU KUP

TARKUP = RETAILPRICE - COST

To calculate the Percentage of Markup on Cost, the following formula is used

PERCENTAGE OF MARKUP ON COST = (MARKUP / COST) * 100

Therefore the problems can be solved by using the above formula as follows

1 Cost 34.00 $ Markup 33.00 Retail Price =34+33 = $ $ 67.00 2 Cost 325.00 $ Markup 249.99 Retail Price =325+249.99 = $ $ 574.99 3 Retail Price $ 45.99 $ Markup Cost 24.24 =45.99-24.24 = $ 21.75 4 Retail Price $ 74.00 $ Markup 43.00 Cost =74-43 = $ 31.00 5 Retail Price $ 59.00 $ Cost 23.60 MarkUp =59-23.6 = $ 35.40 6 6 Retail Price $ 49.00 $ Cost 14.70 Markup $ =49-14.7 = $ Markup % 233% 34.30 7 Cost Retail Price $ 249.00 $ MarkUp $ =249-125 = $ Markup % 99% 125.00 124.00