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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

Howard Lockwood sells for Catalina Designs, Inc. He is on a 3.5% straight commission with a $2,000 drawing account. If he is paid the draw at the beginning of the month and then sells $120,000 during the month, how much commission is owed to Howard?

To determine

To calculate: The commission owed to Howard Lockwood who works for Catalina Designs, Inc, if he receives his draw at the beginning of the month and then sells $120,000 during the month. He is on a straight commission of 3.5% with a drawing account of $2,000.

Explanation

Given Information:

The provided sales volume is $120,000 and Howard Lockwood gets a straight commission of 3.5% with a drawing account of $2,000.

Formula used:

To calculate commission:

Commission=TotalSales×Commission rate 

To calculate commission owed:

Commission owed=CommissionAmount of draw

Calculation:

To calculate his commission, consider rate of straight commission and sales volume,

3.5% and $120,000

Commission=TotalSales×Commission rate = 3.5%×$120,000=3

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