Question

18. The wholesale cost of a desk is $490. The original markup was 69% based on...

18. The wholesale cost of a desk is $490. The original markup was 69% based on selling price. Find the final sale price after the following series of price changes: a markup of 30%, a markdown of 13%, and a markdown of 36%. (Round each intermediate selling price to the nearest cent)

A. $599.41

B. $1,144.14

C. $645.52

D. $616.07

I MARKED (A) AND GOT IT WRONG

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution

Answer  is option B

Cost is $490

As the markup is 69% on selling price ,then cost of goods sold is 31%(100%-69%)

Therefore Selling price : $490/.31

:$1580.64

Final sales Price :

Mark up of 30% price will be : $1580.64 + ($1580.64*.30)

: $2054.83

Now there is markdown of 13%,then the prices changes to : $2054.83 - ($2054.83*.13)

:$1787.70

Again when a markdown of 36% price changes to : $1787.70 - ($1787.70*.36)

:$1144.14

Therefore final selling price is $1144.14

:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
It costs $5,400 to manufacture a Jet Ski. If the desired percent markup based on cost...
It costs $5,400 to manufacture a Jet Ski. If the desired percent markup based on cost is 44%, how much should each Jet Ski sell for? The markup on a desk should be 32% based on selling price. If the seller paid $280 for one, then how much should it sell for to achieve the desired markup? A markup of 33% based on cost is desired for a load of 600 bushels of peanuts. They were purchased at $5.85 per...
1. Based upon the following data, estimate the cost of ending inventory using the gross profit...
1. Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $882,000 Estimated gross profit rate 32% Beginning inventory $75,700 Purchases (net) 794,000 Merchandise available for sale $869,700 2. Multiple-Step Income Statement On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $1,019,950 Accumulated Depreciation—Building 762,600 Notes Payable 273,300 Administrative Expenses 559,700 Office Supplies 19,950 Building...
The condensed product-line income statement for Rhinebeck Company for the month of October is as follows:...
The condensed product-line income statement for Rhinebeck Company for the month of October is as follows: Rhinebeck Company Product-Line Income Statement For the Month Ended October 31 Hats Gloves Mufflers Sales $65,700 $90,400 $27,200 Cost of goods sold (26,200) (32,000) (14,200) Gross profit $39,500 $58,400 $13,000 Selling and administrative expenses (28,700) (35,300) (15,000) Operating income (loss) $10,800 $23,100 $(2,000) Fixed costs are 15% of the cost of goods sold and 35% of the selling and administrative expenses. Rhinebeck Company assumes...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to small businesses in their local and regional area. NewForm employs 83 people, 61 of whom are IT professionals/ consultants. NewForm is struggling financially; it has not met its revenue projections in the last five quarters. NewForm has suffered excessive leadership turnover in the past three years. The original founders sold NewForm in 2015; one of them, James Stanton, remained on as CHRO but sold...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to small businesses in their local and regional area. NewForm employs 83 people, 61 of whom are IT professionals/ consultants. NewForm is struggling financially; it has not met its revenue projections in the last five quarters. NewForm has suffered excessive leadership turnover in the past three years. The original founders sold NewForm in 2015; one of them, James Stanton, remained on as CHRO but sold...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary rivals? How will the acquisition of Reebok by Adidas impact the structure of the athletic shoe industry? Is this likely to be favorable or unfavorable for New Balance? 2- What issues does New Balance management need to address? 3-What recommendations would you make to New Balance Management? What does New Balance need to do to continue to be successful? Should management continue to invest...
CASE: Sharesies: NZ investment platform Everyday investment company Sharesies was launched in February 2017, after conducting...
CASE: Sharesies: NZ investment platform Everyday investment company Sharesies was launched in February 2017, after conducting research on New Zealanders’ attitudes towards investing. Prior to launching the company, the co-founders interviewed over 200 people asking them “If I gave you $50 right now, and you had to do something with it in the next 5 minutes what would you do?” Only 5 out of 200 people chose an option to save or invest the $50. More popular options were bills,...
Everyday investment company Sharesies was launched in February 2017, after conducting research on New Zealanders’ attitudes...
Everyday investment company Sharesies was launched in February 2017, after conducting research on New Zealanders’ attitudes towards investing. Prior to launching the company, the co-founders interviewed over 200 people asking them “If I gave you $50 right now, and you had to do something with it in the next 5 minutes what would you do?” Only 5 out of 200 people chose an option to save or invest the $50. More popular options were bills, online shopping, coffees, vouchers, food,...
Everyday investment company Sharesies was launched in February 2017, after conducting research on New Zealanders’ attitudes...
Everyday investment company Sharesies was launched in February 2017, after conducting research on New Zealanders’ attitudes towards investing. Prior to launching the company, the co-founders interviewed over 200 people asking them “If I gave you $50 right now, and you had to do something with it in the next 5 minutes what would you do?” Only 5 out of 200 people chose an option to save or invest the $50. More popular options were bills, online shopping, coffees, vouchers, food,...
1. The failure of the new supply chain system affected Nike adversely. What were the reasons...
1. The failure of the new supply chain system affected Nike adversely. What were the reasons for the failure and how did the breakdown harm Nike? 2. What are the important elements to be kept in mind while implementing a new system in an organization? What is the importance of a good working relationship between partners and the sharing of responsibility in implementing critical projects? What mistakes did Nike and i2 make? 3. comment on the lessons learned and the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT