Question

Pt 1. Irene Westing bought a desk for $800 from an office supply house. She plans...

Pt 1. Irene Westing bought a desk for $800 from an office supply house. She plans to sell the desk for $1,200. What is Irene’s dollar markup? What is her percent markup on selling price (rounded to the nearest tenth percent)? Check your answer. Selling price will be slightly off due to rounding.

Pt 2. Suki Komar bought dolls for her toy store that cost $14 each. To make her desired profit, Suki must mark up each doll 38% on selling price. What is the selling price of each doll? What is the dollar markup? Check your answer.

Pt 3. Jay Lyman sells calculators. His competitor sells a new calculator line for $16 each. Jay needs a 42% markup on the selling price to make his desired profit, and he must meet price competition. What is Jay’s dollar markup? At what cost can Jay afford to bring these calculators into the store? Check your answer.

Pt 4. Dan Flow sells wrenches for $12 that cost $7. What is Dan’s percent markup on cost? Round to the nearest tenth percent. What is Dan’s percent markup on selling price? Check your answer.

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Answer #1

Answer to Question 1:

Cost Price = $800
Selling Price = $1,200

Cost Price + Markup = Selling Price
$800 + Markup = $1,200
Markup = $400

Markup on Selling Price = Markup / Selling Price
Markup on Selling Price = $400 / $1,200
Markup on Selling Price = 33.3%

Answer to Question 2:

Cost Price = $14
Markup on Selling Price = 38%

Cost Price + Markup = Selling Price
$14 + 0.38 * Selling Price = Selling Price
$14 = 0.62 * Selling Price
Selling Price = $22.58

Cost Price + Markup = Selling Price
$14.00 + Markup = $22.58
Markup = $8.58

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