Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent.
46)
? % C $ ?
39% M $16.49
100% S $ ?
46)
A)
61% C $25.79
39% M $16.49
100% S $42.28
B)
139% C $58.77
39% M $16.49
100% S $42.28
C)
139% C $25.79
39% M $16.49
100% S $ 9.30
D)
61% C $58.77
39% M $16.49
100% S $42.28
Find the average inventory.
47)
Date
Inventory amount
at Retail
January 1$63,135
March 1 $61,914
June 1$79,201
September 1$55,134
47)
A)
$79,201.00
B)
$64,846.00
C)
$259,384.00
D)
$86,461.33
Find the equivalent markup. Round to the nearest tenth of a percent.
48)
Markup on cost:
Markup on selling price: 22.1%
48)
A)
18.1%
B)
71.6%
C)
81.9%
D)
28.4%
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
49)
Bob’s Tires manufactures steel–belted radials at a cost of $56.47 each. Bob then sells the tires at a
32.6% markup based on cost. Find (a) the markup, (b) the selling price, and (c) the markup as a
percent of selling price.
49)
A)
(a) $173.22
(b) $229.69
(c) 306.7%
B)
(a) $18.41
(b) $74.88
(c) 24.6%
C)
(a) $18.41
(b) $74.88
(c) 32.6%
D)
(a) $173.22
(b) $229.69
(c) 75.4%
50)
A local dealer sells baseballs for $25 each. If $3.92 is the markup, what is the cost and the markup
on cost?
50)
A)
$21.08, 18.6%
B)
$28.92, 13.6%
C)
$21.08, 84.3%
D)
$25.00, 15.7%
Find the inventory values using (a) the weighted–average method, (b) the FIFO method, and (c) the LIFO method. Round
final answers to the nearest dollar.
51)
Purchases Now in Inventory
Beginning inventory: 600 units at $3.33
June: 750 units at $4.44
December: 550 units at $2.62 722 units
51)
A)
(a) $2570 (b) $2205 (c) $2540
B)
(a) $2501 (b) $3206 (c) $2205
C)
(a) $6769 (b) $2404 (c) $1892
D)
(a) $2570 (b) $2540 (c) $2205
52)
Purchases Now in Inventory
Beginning inventory: 25 units at $30.19
March: 70 units at $29.93
June: 65 units at $37.29
August: 40 units at $22.30 80 units
52)
A)
a) $2466 b) $2401 c) $2384
B)
a) $6166 b) $2415 c) $1784
C)
a) $2466 b) $2384 c) $2401
D)
a) $6166 b) $2983 c) $2394
Find the equivalent markup. Round to the nearest tenth of a percent.
53)
Markup on cost: 35.7%
Markup on selling price:
53)
A)
73.7%
B)
31.2%
C)
26.3%
D)
68.8%
Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
54)
Cost Price Markup % Markup on Cost Selling Price
$16.24 46.9%
54)
A)
Cost Price: $0.35
Selling Price: $16.59
B)
Cost Price: $34.63
Selling Price: $50.87
C)
Cost Price: $16.24
Selling Price: $32.48
D)
Cost Price: $50.87
Selling Price: $34.63
Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
55)
The cost of an item is $259. For a special year–end sale the price is marked down 20%. Find the
selling price of the item.
55)
A)
$51.80
B)
$207.20
C)
$215.83
D)
$310.80
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
56)
A local dealer sells baseballs for $25 each. If $12.49 is the cost, what is the percent of markup on the
selling price?
56)
A)
33.3%
B)
25.0%
C)
66.7%
D)
50.0%
Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent.
57)
100% C $ 6.32
? % M $ 2.53
? % S $ 8.85
57)
A)
100% C $ 6.32
40% M $ 2.53
60% S $ 8.85
B)
100% C $ 6.32
71% M $ 2.53
171% S $ 8.85
C)
100% C $ 6.32
29% M $ 2.53
129% S $ 8.85
D)
100% C $ 6.32
40% M $ 2.53
140% S $ 8.85
Find the inventory values using (a) the weighted–average method, (b) the FIFO method, and (c) the LIFO method. Round
final answers to the nearest dollar.
58)
Purchases Now in Inventory
Beginning inventory: 100 units at $1.77
May: 150 units at $2.82
August: 250 units at $1.40
October: 220 units at $2.65 580 units
58)
A)
(a) $1533 (b) $1027 (c) $1537
B)
(a) $1253 (b) $1243 (c) $1162
C)
(a) $1235 (b) $1162 (c) $1243
D)
(a) $1235 (b) $1243 (c) $1162
Solve for the missing numbers. Markup is based on selling price. Round dollar amounts to the nearest cent.
59)
? % C $126.94
? % M $ 51.85
100% S $ ?
59)
A)
71% C $126.94
29% M $ 51.85
100% S $178.79
B)
129% C $126.94
29% M $ 51.85
100% S $ 75.09
C)
29% C $126.94
71% M $ 51.85
100% S $178.79
D)
59% C $ 41.00
78% M $ 51.85
100% S $178.79
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
60)
A jewelry store purchased 120 fashion watches for $3600. If the store sold 60 watches at $60, 48
watches at $54, and the rest at $30, find (a) the total markup, (b) the markup percent on selling
price, and (c) the equivalent markup percent on cost.
60)
A)
$2952, 45.1%, 82%
B)
$3600, 55%, 72%
C)
$2952, 82%, 45.1%
D)
$6552, 100%, 182%
Find the missing quantities. If there is no operating loss or absolute loss, write “none.”
61)
Cost
Operating
Expense
Breakeven
Point
Reduced
Price
Operating
Loss
Absolute
Loss
$29 $14 ?$52 ? ?
61)
A)
Breakeven point = $43
Operating loss = $9
Absolute loss = $52
B)
Breakeven point = $15
Operating loss = none
Absolute loss = $9
C)
Breakeven point = $52
Operating loss = $43
Absolute loss = $9
D)
Breakeven point = $43
Operating loss = none
Absolute loss = none
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
62)
James Page works in a local music store where he sells guitars for $129.83 each. If he maintains a
markup of 61.5% on selling price, what is the cost of a guitar to James?
62)
A)
$209.68
B)
$179.81
C)
$79.85
D)
$49.98
Find the average inventory.
63)
Date
Inventory amount
at Retail
February 28 $72,615
April 30 $87,980
August 31 $61,161
December 31 $60,068
63)
A)
$70,456.00
B)
$56,364.80
C)
$281,824.00
D)
$61,161.00
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
64)
A local dealer sells baseballs for $25.00 each. If this is a 10.6% markup on selling price, find the
equivalent markup percent on cost.
64)
A)
9.6%
B)
11.9%
C)
10.6%
D)
88.1%
Find the missing quantities. If there is no operating loss or absolute loss, write “none.”
65)
Cost
Operating
Expense
Breakeven
Point
Reduced
Price
Operating
Loss
Absolute
Loss
$171 $28 ? ? $11 ?
65)
A)
Breakeven point = $143
Reduced price = $132
Absolute loss = $17
B)
Breakeven point = $143
Reduced price = $132
Absolute loss = none
C)
Breakeven point = $199
Reduced price = $188
Absolute loss = none
D)
Breakeven point = $199
Reduced price = $188
Absolute loss = $39
Find the stock turnover at cost and at retail. Round to the nearest hundredth.
66)
Average
Inventory
at Cost
Average
Inventory
at Retail
Cost of
Goods
Retail
Sales
Turnover
at Cost
Turnover
at Retail
$47,689 $71,084 $158,804.37 $234,577.20 ? ?
66)
A)
Turnover at cost =3.30
Turnover at retail =3.33
B)
Turnover at cost =2.23
Turnover at retail =4.92
C)
Turnover at cost =1.49
Turnover at retail =1.48
D)
Turnover at cost =3.33
Turnover at retail =3.30
Solve for the missing numbers. Markup is based on cost. Round dollar amounts to the nearest cent.
67)
100% C $ ?
30% M $76.79
? % S $ ?
67)
A)
100% C $ 23.00
30% M $ 76.79
130% S $ 99.79
B)
100% C $255.97
30% M $ 76.79
130% S $179.18
C)
100% C $255.97
30% M $ 76.79
70% S $332.76
D)
100% C $255.97
30% M $ 76.79
130% S $332.76
Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
68)
Find the selling price of an item which cost a store $202. The store has a 30% markup.
68)
A)
$155.39
B)
$673.34
C)
$60.60
D)
$262.60
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
69)
A local dealer sells baseballs for $25.00 each. If this is a 91.4% markup on cost, find the equivalent
markup percent on the selling price.
69)
A)
156%
B)
47.8%
C)
52.2%
D)
91.4%
Find the missing quantities by first computing the markup on one base and then computing the markup on the other.
Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
70)
Cost Markup
Selling
Price
% Markup
on Cost
% Markup on
Selling Price
$8.81 ? ? ? 22.0%
70)
A)
Markup = $2.48
Selling price = $6.33
% Markup on cost =28.2%
B)
Markup = $1.94
Selling price = $10.75
% Markup on cost =18.0%
C)
Markup = $1.94
Selling price = $6.87
% Markup on cost =22.0%
D)
Markup = $2.48
Selling price = $11.29
% Markup on cost =28.2%
Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
71)
A store manager paid $164 for an item and set the selling price at $218.12. What was the percent
markup?
71)
A)
24%
B)
35%
C)
33%
D)
34%
Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
72)
An office supply store sells a computer disk for $92.95. If the cost is $50.74, find the percent of
markup on cost and the equivalent percent of markup on selling price.
72)
A)
83.2%, 45.4%
B)
54.6%, 183.2%
C)
83.2%, 54.6%
D)
54.6%, 45.4%
20
Find the stock turnover at cost and at retail. Round to the nearest hundredth.
73)
Average
Inventory
at Cost
Average
Inventory
at Retail
Cost of
Goods
Retail
Sales
Turnover
at Cost
Turnover
at Retail
$197,412 $323,208 $1,044,309.48 $1,693,609.92 ? ?
73)
A)
Turnover at cost =5.29
Turnover at retail =5.24
B)
Turnover at cost =1.64
Turnover at retail =1.62
C)
Turnover at cost =3.23
Turnover at retail =8.58
D)
Turnover at cost =5.24
Turnover at retail =5.29
Solve the problem.
74)
The Chicago Men’s Shop made the following purchases of dress shirts: 50 shirts at $71.01 in
January, 60 shirts at $47.36 in March, 75 shirts at $81.42 in June, and 35 shirts at $86.69 in August. A
September inventory found 127 shirts remaining. Find the inventory value using a) weighted
average method, b) FIFO Method, and c) LIFO Method. Round final answers to the nearest cent.
74)
A)
(a) $9095.74
(b) $6014.72
(c) $10,340.34
B)
(a) $8966.20
(b) $9945.77
(c) $7776.24
C)
(a) $8966.20
(b) $7776.24
(c) $9945.77
D)
(a) $15,532.75
(b) $9018.27
(c) $11,009.63
Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
75)
Toys4U purchases tricycles for $24. The store’s operating expenses are 19% of cost with a net profit
of 14% of cost. Find the selling price of one tricycle.
75)
A)
$31.92
B)
$25.20
C)
$22.80
D)
$16.08
Answer Key
Testname: C8
Answer Key
Testname: C8