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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.

As the manager of Speedy Supermarket, answer the following questions.

a. If 2-liter Bubbly-Cola products cost Speedy $16.50 per case of 24 bottles, what are the amount of the markup and the percent markup on selling price per case?

b. If 12-pack Bubbly-Cola products have a markup of $8.25 per case of six 12-packs at Speedy, what are the cost and the percent markup on selling price per case?

c. Why has Speedy Supermarket chosen to use markup based on selling price?

(a)

To determine

To calculate: The amount of Markup and percent Markup based on selling price, for given, cost is $16.50.

Explanation

Given Information:

The Cost is $16.50.

Formula used:

The markup can be calculated using the following equation:

Markup=Selling PriceCost or M=SPC

The percent markup based on selling price is computed as:

Percent markup based on Selling Price=MarkupSelling Price or %MSP = MSP

Calculation:

Consider the provided data,

Cost is $16.50:

The Selling price per case is:

Selling Price per case=54×24 =30

Hence, the selling price per case is $30.

Assume,  SP =$30 and  C =$16.50

The amount of Markup is:

M=SPC

Substitute $30 for SP  and $16

(b)

To determine

To calculate: The Cost and percent Markup based on selling price, for given, amount of markup is $8.25.

(c)

To determine

The choice of markup based on Selling Price.

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