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Homework answers / question archive / Assume markups in Problems 12-7 to 12-12 are based on selling price
Assume markups in Problems 12-7 to 12-12 are based on selling price. Find the dollar markup and cost (round answers to the
nearest cent): LU 12-2(1, 4)
Item Selling price Markup percent Dollar markup Cost
12-7. SonyLCDTV = $1,000 45%
12-8. \IBMscanner $80 30%
Solve for the selling price (round to the nearest cent): LU 12-2(2) “Page 340
12-9. Selling price of a complete set of pots and pans at Walmart?
40% markup on selling price
Cost, actual, $66.50
12-10. Selling price of a dining room set at Macy’s?
55% markup on selling price
Cost, actual, $800
Computation of Dollar Markup and Cost:
For Sony LCD TV:
Dollar Markup = $1,000*0.45 = $450
Cost = $1,000-$450 = $550
For IBM Scanner:
Dollar Markup = $80*0.30 = $24
Cost = $80 - $24 = $56
Computation of Selling Price:
For complete set of pots and pans at Walmart:
Selling Price = Cost/(1-Markup)
= $66.50/(1-40%)
= $110.83
Hence, selling price is $110.83
For a dining room set at Macy's:
Selling Price = Cost/(1-Markup)
= $800/(1-55%)
= $1,777.78
Hence, selling price is $1,777.78
