Use Exhibit 18-1 to determine the sales tax and calculate the total purchase price for the following items.
Selling | Sales | Total | ||
Item | Price | Tax | Purchase Price | |
1. | Music CD | $8.95 | $.59 | $9.54 |
To calculate: The sales tax and total purchase price of Music CD when the selling price is $8.95.
Given Information:
The selling price of Music CD is $8.95.
Formula used:
The steps to determine sales tax due on an item by using sales tax tables are as follows:
Step 1: Find the taxable retail price from the Amount of Sale column.
Step 2: Find the amount of tax due in the Tax column by scanning to the right.
The total purchase price is:
Calculation:
Consider the provided selling price of Music CD is $8.95.
From the table Exhibit 18-1 given in the book, price of Music CD, $8
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