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					Practice Problems Sauce and Dips Long Problem 1. .48 2. .08 3. 12,500,000 4. .41% Mr. Bob Sled 1. 4 2. 6 and .6% 3. 150,000 units and $1,500,000 4. . a. 150,000/900,000= 16% b. 233333.33/900,000=25.9% Selling price – cost Selling Price Selling price – cost Cost Amount of reduction Original Selling Price

% Markup on selling price =

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Markup__ Selling Price Markup__ Cost

% Markup on cost =

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Markdown percentage =

1. Compute the markup on selling price for an item that retails for $19.95 and costs $11.20.

.438

2. Dress Shirt Selling Price Cost Markup in dollars Markup % on cost $30.00 $18.00 _12_____ __.67____ Sport Shirt $24.95 $14.35 _10.60_____ __.74____ Belt $12.50 $ 7.50 _5_____ __.67____

Markup % on selling price

___.4___

__.42____

__.4____

3. If a retailer buys a product for $25 and sells it for $45, what is the markup percentage if the markup is based on the selling price?

.441

4. An item was marked down to $19.99 from its original retail price of $29.99. What is the reduction percentage for this item? .33

5. The buyer for a women’s sweater department has purchased wool sweaters for $37, and she wants to sell them at a 47 percent markup on selling price. At what price should each sweater be sold? $69.81


				
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