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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Epicure Market prepares fresh gourmet entrees each day. On Wednesday, 80 baked chicken dinners were made at a cost of $3.50 each. A 10% spoilage rate is anticipated.

a. At what price should the dinners be sold to achieve a 60 % markup based on selling price?

b. If Epicure offers a $l-off coupon in a newspaper advertisement, what markdown percent does the coupon represent?

(a)

To determine

To calculate: The Price at which dinner should be sold to achieve 60% percent Markup based on selling price, if the quantity is 80, the spoilage rate is 10%, price is $3.50 and percent markup based on selling price is 60%.

Explanation

Given Information:

The quantity is 80, the spoilage rate is 10%, price is $3.50 and percent markup based on selling price is 60%.

Formula used:

The Cost can be computed using:

Cost=total quantity×price

The Selling Price can be calculated using the following equation:

Total Expected Selling Price=Cost(100%%MSp)or Expected Selling Price=C(100%%MSp)

The Anticipated Spoilage is calculated using the following equation:

Anticipated Spoilage=Total Quantity×Spoilage Rate

The Selling Price of perishable goods can be calculated using the following equation:

Selling PricePerishables=Total Expected Selling PriceTotal QuantityAnticipated Spoilage

Calculation:

Consider the provided data, percent markup based on selling Price is 60% and total quantity 80.

This question can be solved in 3 steps as follows:

Step 1:

The cost of Chicken dinner is:

Cost=total quantity×price

Substitute for Quantity=80 and Price=$3.50 in Cost=Total quantity×Price:

C=80×3.50=280

Thus, the Cost of Chicken dinner is $280

(b)

To determine

To calculate: The markdown percent, if the original selling price is $9.72 and amount of Markdown is $1.

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