A sports store purchased tennis racquets for $79.12 less 25% for purchasing more than 100 items, and a further 31% was reduced for purchasing the racquets in October. The racquets were sold to customers for $57.37.
(a) What is the cost of each racquet?
(b) What is the markup as a percent of cost?
(c) What is the markup as a percent of selling price?
Sheridan Service sells oil at a markup of 35% of the selling price. Sheridan paid $0.99 per litre of oil.
(a) What is the selling price per litre?
(b) What is the rate of markup based on cost?
A car accessory is sold for $54.89. The store's markup based on cost is 40%.
(a) What is the cost of the car accessory?
(b) What is the rate of markup based on selling price?
1)a)Cost of each racquet=Purchase Price-Further Discount due to October purchase
Markup as a % of cost=(16.4254/40.9446)*100= 40.12%
c)Markup as a % of SP=(16.4254/57.37)*100=28.63%
2)a)If SP is $100, markup is 35% of it=$35, hence cost is $65
If actual cost is $0.99, Actual Selling Price will be $100*0.99/65= $1.52(approx)
b)Markup rate on cost=(1.52-0.99)/0.99*100=53.54%
3)a)If cost is $100, markup is 40% of it=$40, SP=$100+40=$140
If actual SP is $54.89, Actual Cost=(54.89*100)/140=$39.21
b)Markup rate on SP=(54.89-39.21)/54.89*100= 28.57%
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