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 
HewlettPackard 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 multitouch watch  $460  40%  $  $  

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?  

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 
Tutor  Rating 

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