Project #36720 - Loans and breakeven points

Complete the following table: (Do not round intermediate calculations. Round your final answers to the nearest cent.)

 

Item List price Chain discount Net price Trade discount
  Hewlett-Packard scanner $330 5/4/5          

Complete the following:

 

Invoice Date goods are received Terms Last day of
discount period
Final day bill is due
(end of credit period)
Jan. 26   2/10 EOM

Complete the following by calculating the cash discount and net amount paid:

 

Gross amount of invoice (freight
charge already
included)
Freight
charge
Date of
invoice
Terms of
invoice
Date of
payment
Cash
discount
    Net amount
paid
$625 None 8/10 5/10, 4/15, n/30 8/22          

 

Complete the following(Do not round intermediate calculations. Round your final answers to the nearest cent.)


Amount
of invoice
Terms Invoice date Actual partial
payment made
Date of partial
payment
Amount of
payment to
be credited
Balance
outstanding
$610 2/10, n/60 7/6 $410 7/15      

A model NASCAR race car lists for $80.01 with a trade discount of 10%. What is the net price of the car?(Round your answer to the nearest cent.)

 

  Net price   
 
 

Levin Furniture buys a living room set with a $5,200 list price and a 50% trade discount. Freight (FOB shipping point) of $45 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 2/10, n/30, ROG? The invoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25.


  Delivered price   

Macy of New York sold LeeCo. of Chicago office equipment with a $6,800 list price. Sale terms were 3/10, n/30 FOB New York. Macy agreed to prepay the $40 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?

 

  Payable amount   
 

Stacy’s Dress Shop received a $990 invoice dated July 28 with 2/10, 1/15, n/60 terms. On August 11, Stacy’s sent a $262 partial payment.


a.

What credit should Stacy’s receive? (Round your answer to the nearest cent.)


  Credit   

b.

What is Stacy’s outstanding balance? (Round your answer to the nearest cent.)


  Outstanding balance   

Assume markup is based on cost. Find the dollar markup and selling price for the following problem.(Round your answers to the nearest cent.)

 

Item Cost Markup percent Dollar markup Selling price
  Hamilton khaki multi-touch watch $460 40%                  

 

 

 

The selling price of lumber at Home Depot is $3,120, percent markup on cost is 20%. Calculate the actual cost. (Round your answer to the nearest cent.)

 

  Actual cost   

 

Assume that markup is based on selling price. Calculate the dollar markup and cost. (Round your answer to the nearest cent.)

 

Item Selling price Markup percent Dollar markup Cost
IBM scanner $75 35%                   

What is the selling price of a dining room set at Macy’s? Assume actual cost is $720 and 43% markup on selling price. (Round your answer to the nearest cent.)

 

  Selling price   


 

By conversion of the markup formula, solve the following. (Round your answer to the nearest whole percent.)

 

Percent markup on cost Percent markup on selling price
 % 22%

Calculate the total cost, total selling price and selling price per brownie. (Round your answers to the nearest cent.)

 

Item Total
quantity
bought
Unit
cost
Total cost Percent
markup
on cost
Total
selling price
Percent that
will spoil
Selling price
per brownie
Brownies 30 $0.95 70% 10%

 
 
Calculate the breakeven point and contribution margin.

Breakeven point Fixed cost Contribution margin Selling price per unit Variable cost per unit
 units $58,500          $5 $2

Cecil Green sells golf hats. He knows that most people will not pay more than $22 for a golf hat. Cecil needs a 27% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.)

 

  Cecil pay   

 

Brownsville, Texas, boasts being the southernmost international seaport and the largest city in the lower Rio Grande Valley. Ben Supple, an importer in Brownsville, has just received a shipment of Peruvian opals that he is pricing for sale. He paid $160 for the shipment. Assume he wants a 75% markup.


 

a. Calculate the selling price when the markup is based on selling price.


 

  Selling price when the markup is based on selling price   


 

b. Calculate the selling price when the markup is based on cost. (Round your answer to the nearest cent.)


 

  Selling price when the markup is based on cost   

 

Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $145 for a comforter. Misu Sheet wants to advertise the comforter as "percent markup on cost."

 

a.

What is the equivalent rate of percent markup on cost compared to the 40% markup on selling price?(Round your answer to the nearest hundredth percent.)

 

  Rate of percent  %  

 

b. Is this a wise marketing decision?
   
 
Yes
No

 

Angie’s Bake Shop makes birthday chocolate chip cookies that cost $2 each. Angie expects that 10% of the cookies will crack and be discarded. Angie wants a 70% markup on cost and produces 130 cookies. What should Angie price each cookie? (Round your answer to the nearest cent.)

 

  Price per cookie   

 

Jane Corporation produces model toy cars. Each sells for $25.44. Its variable cost per unit is $16.23. Assuming it has a fixed cost of $268,932. What is the breakeven point for Jane Corporation?

 

  Breakeven point  units  

 

 

Subject Mathematics
Due By (Pacific Time) 07/30/2014 10:00 pm
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